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Saving on Group Health Insurance Farmington NM

Group health insurance costs seem to be rising at alarming rates. The rising cost of health insurance is widely understood to be one of the biggest concerns for smaller companies.

Dr. Stephen Walker & Assoc.
(505) 473-5100
3530 Zafarano Dr.
Santa Fe, NM
 
Swickard Agency Inc
(505) 624-1379
400 N Pennsylvania Ave Ste 600
Roswell, NM
 
Lovelace Senior Plan
(505) 995-2974
440 Saint Michaels Dr
Santa Fe, NM
 
Massachusetts Mutual Life Insurance Company
(505) 722-2253
100 W Hill Ave
Gallup, NM
 
Rio Grande Insurance Services
(505) 984-8216
1231 S Saint Francis Dr
Santa Fe, NM
 
Waldrop Insurance Organization
(505) 326-1123
5704 Indian Wells Ct
Farmington, NM
 
New Mexico Health Insurance Alliance
(505) 989-1600
460 Saint Michaels Dr
Santa Fe, NM
 
Lovelace Health System
(505) 262-1780
Albuquerque, NM
 
Brazis & Associates Wireless Service
(505) 730-8669
Albuquerque, NM
 
Lovelace Health Plan
(505) 262-1780
Albuquerque, NM
 

Saving on Group Health Insurance

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Saving on Group Health Insurance

Group health insurance costs seem to be rising at alarming rates. Unfortunately, the biggest increases tend to be targeted at smaller companies. What can we do to counter-act this trend?

As a small business owner, this is of primary importance. The rising cost of health insurance is widely understood to be one of the biggest concerns for smaller companies. It is an important incentive to keep good employees. But what can a small employer do when the cost of health insurance is so high that it makes more business sense to cut benefit's?

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First of all, don't panic. And don't automatically assume that you must pass through crippling rate hikes to your employees either. If you have a health plan and need to save more, or would like to offer one to your employees and don't currently, we have 3 tips to help you find a quality insurance plan at a reasonable rate.

  1. Always compare quotes and benefit's from more than one insurance company.

    Just because your favorite cousin is an insurance agent for XYZ insurance, doesn't mean that you'll get the best deal. Shop around! Do some research on the Internet. In fact, the most convenient way to get the best overview of your options is to get multiple quotes from the Internet, as well as speak with qualified insurance brokers in your area. This will give you a good idea of the kinds of coverage and costs that you are looking at. Whether you work with an agent online, in person or by phone, be sure that this person is licensed in your state.

    By looking carefully at what the plans offer, and comparing that with what your employees want and need, you can match the best plan to your business, while also saving some money on extras that are not high priority.

  2. Consider a high-deductible plan, to save more.

    Okay, so you want to offer insurance, but you can't afford a plan with low deductibles? Get a high deductible plan. If your employees are healthy and make few visit's to the doctor, this may work to everyones advantage. You can save money and still provide coverage for your workforce. Although everyone will face a higher deductible, they will still have coverage in the case of serious or catastrophic illness, which is much better than no coverage at all.

  3. Be sure to take advantage of all tax incentives.

    There are tax benefit's available to you, as the employer, when you provide group health insurance. These tax benefit's can help defray the costs of insurance and may even allow you to carry a higher level of coverage for your workforce. For instance, yo...

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New Mexico State Mandated Health Insurance Coverage

Medical insurance benefits that insurers must provide include: acupuncturist, alcohol/substance abuse, anti-psychotic drugs, autism, birthing center/midwife, bone mass measurement, breast reconstruction, cervical cancer/HPV screening, chiropractor, circumcision, clinical trial (cancer), colorectal cancer screening, contraceptives, dental anesthesia, dentist, dependent coverage (including newborns, adopted children, noncustodial children or stepchildren, dependent students/adults, disabled dependent adults, domestic partner and civil union), diabetes (self-management and supplies), emergency room service, hair prothesis, home health care, HPV vaccine, infertility services, in vitro fertilization, lay midwife, mammography, mastectomy (including minimum stay), maternity (including minimum stay), mental health, newborn hearing screening, nurse (midwife, anesthetist, practitioner, off-label drug use, optometrist, orally administered anticancer medication, oriental medicine, osteopath (D.O.), physical therapist, PKU/metabolic disorder, podiatrist, prostate cancer screening, protein screening, psychologist, smoking cessation, TMJ disorder, well child care

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