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Samuel Patton
Group Health Benefits

Here Are 4 Ways To Save Money On Group Health Insurance Benefits

  1. Underwritten Coverage

    Most group health insurance plans are guaranteed issue. This means the insurance company doesn't look into your employees health when they bind the coverage. But there are fully underwritten group plans that do take a look at the overall health of the organization. I find in most companies that the majority of the employees are fairly healthy. You always have a few who aren't in the best of health but this usually doesn't have a big impact on the overall picture. An underwritten health insurance plan could save your company a lot of money on health insurance benefits.
  2. High Deductible Plans

    If health insurance benefit costs are getting out of control, consider going to high deductible plans. Remember, these are benefits that you are offering to your employees and the company has to be able to afford them. These high deductible plans could be coupled with a fixed indemnity plan to help fill some of the gaps at a lower cost than a top of the line plan.
  3. Self-Funded Coverage

    Self-Funded coverage is not as bad as it sounds. Many operate the same way as traditional group health plans. But what makes them great is some self-funded plans offer money back if you have a low claims year. Think of it as cash back health insurance.
  4. Fixed Indemnity Plans

    If you are a small company and can't quite afford traditional group health insurance, consider offering fixed indemnity plans to start. Anything you can offer your employees is a benefit and fixed indemnity plans would be a very affordable way to dip your toe in the water.

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About the Author Samuel Patton

Samuel Patton decided to start selling Health, Life, & Medicare insurance in 2016 after being on the claims side of insurance for over 20 years. He quickly learned that much of what was promoted in the insurance industry didn't work. There was a lot of pushing products with hard sell closes and very little listening to clients' needs and letting them choose which options fit their situation the best. In fact, he wanted to quit at times because there was so much dishonesty in the industry. He decided he was going to be the wave of change the industry needed and has continued to push forward.

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