Should Your Business have Group Health Insurance?
Some big changes have occurred in the individual health insurance market this last year.
A number of the large insurers that we have seen on the individual health exchange have opted out of the individual health insurance market altogether for 2017. Individual health insurance PPO’s will not be offered in 2017 and the premiums on most of the individual plans that will remain on and off the exchange are increasing at double-digit rates. This is a recent trend that has been building over the last year.
It used to be that the individual health insurance market was the obvious price choice for small business owners. Not anymore. The group health insurance market has become more competitive from a price, and benefit, point of view.
The group health insurance market has become much more competitive with many different plan choices.
PPOs, HMOs, and HSAs are all available in the group market with rates that are competitive with individual premiums. This year, many small businesses either, in the construction trades or auto trades, have started to use group health insurance benefits as a means to attract and retain skilled employees. As the labor market tightens, and as the shortage of skilled workers gets more pronounced, group health benefits will play a larger role than in prior years.
If you have a small business and if your employees purchase health insurance on their own, you need to do a serious comparison of the difference between group and individual health
insurance plans and premiums.
We are here to help you with that comparison. Feel free to call us at 719-599-7989 or 719-213-7445.