Florida Health Insurance
Low-Cost Insurance Rates
How to Get Better Health Insurance Rates
Rates for group health insurance will vary a great deal. They will vary based on the carrier, type of plan, how old, and even by how healthy your group is. It is very important that you get a wide variety of quotes from at least three of the industries top rated insurance carriers.
The correct process in getting group rates would be to first contact a broker, fill out a form on the internet, or ask someone else you know that has a group policy for more information. Once that has been accomplished have a phone conversation with the brokerage you have found and narrow down some of your options. Upon reviewing the options that the broker has shown you from three of the top insurance carriers, (UnitedHealthCare, Aetna, BCBS of Florida), and have a face to face meeting to get accurate answers to all of your questions.
Do you know what the key to finding the right plan at the best rates is? Ask these three questions to start:
- Is this an HMO, PPO, or Fee for service plan?
- What are these companies financial rating? (A.M. Best Rating)
- How long have they been doing business in Florida?
These three questions will get you in the right direction. Once you have all of these three questions answered by your vendor be sure to understand the different components your plan provides. The basic group health plan will have options for the following?
- Hospital Deductible
- Office Visit Copay
- Emergency Room Copay
- Prescription Copay
Most of the time employees on a group health plan will generally be thinking the question, what is my copay? And really don?t look any further than that. With these types of plans on the decline be sure to understand the newer programs available to you as an employer. These will offer you a great deal when it comes to tax incentives. Section 125 in the IRS tax codes gives advantages to employers that offer Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), and Flexible Spending Accounts (FSA).
These are the health insurance programs of the future and you should understand how each work. Although all three of these programs offer great tax advantages you can?t usually ever beat an HRA. Ask an insurance professional to explain the three programs to you and start implementing one of these financial programs today!
Group health insurance rates can vary a great deal. HMO, PPO, and Fee For Services plans all cover medical, surgical, and hospital expenses in some form. In most instances, prescription drugs are also covered. Do you have a plan that gives you options for which employees contribute an authorized payroll deduction amount? If not be sure to revisit your HRA, HSA, or FSA options.
As an employer be sure to do your homework. Group health insurance is not always comparing apples to apples. In many cases group health insurance brokerages have risk managers that can implement special financial programs that can enhance your savings and increase benefits. Over the next few years you will be changing over to one of these programs, so why wait? Get the best possible group health insurance rates through a tax incentive based financial program.