With healthcare prices always rising,
medical insurance costs follow. Because of this, employers look to save money
by offering a lower premium, higher deductible plan. While these plans can be
great, the costs for your employees utilizing the plan may be unaffordable for
them. With some deductibles reaching around $16,000 for family plans, that can
be a major expense for an employee of yours and leave them desiring a lower deductible.
A
lower deductible plan may raise your bottom line due to the probable increase
of premium but can save money throughout the year and lower uncertainty for
your plan participants. An increase in employee participation in premiums can help
to not raise costs for you too much, while still leaving room for employee savings.
There is more benefit to a “richer” plan than just the financial aspect too. A
rich plan leaves fewer worries for your participants about incurring medical expenses
they can’t afford. Having employees who can see medical professionals as often
as they need to will lead to a healthier and more productive workforce.
The
benefits package and contributions you offer your employees are a massive decision,
and considering all options is an important part of the process. Managing high
expenses can be a challenge but is worth it in accumulating a talented and motivated
workforce. If you ever feel a change in your plan could be beneficial to your company,
reach out to me anytime.
G. Kevin Nemith , Hilb Group Delaware Xavier Bodnar , Hilb Group Delaware
Post by:
G. Kevin Nemith CIC. CRM President, Agency Leader for Hilb Group Delaware,
Xavier Bodnar Benefits Broker Hilb Group Delaware
knemith@hilbgroup.com
xbodnar@hilbgroup.com
Top 20 insurance brokers and risk managers in the USA.
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