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Saving on Group Health Insurance Sioux Falls SD

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.

Simplified Life Insurance
(605) 413-4133
4300 S. Louise Ave. STE 101
Sioux Falls, SD
 
Volk Enterprises Inc
(605) 336-7004
3500 S Phillips Ave Ste 100
Sioux Falls, SD
 
Wilde Dean L Agency
(605) 338-8951
115 W 39th St
Sioux Falls, SD
 
Farm Bureau Financial Services Mark Giziewski
(605) 665-8343
603 W 21st St
Yankton, SD
 
Freimark Associates Inc
(605) 882-1688
PO Box 784
Watertown, SD
 
Simplified Life Insurance
(605) 413-4133
4300 S. Louise Ave. STE 101
Sioux Falls, SD
 
Olson Group the
(605) 335-7777
PO Box 89727
Sioux Falls, SD
 
Insurance Services (Todd Graber)
(605) 925-4128
913 E 6th St
Freeman, SD
 
Smith Insurance Agency
(605) 363-3888
1003 W 2nd Ave
Humboldt, SD
 
Kundert Williams Insurance Agency
(605) 256-6608
122 W Center St
Madison, SD
 

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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South Dakota State Mandated Health Insurance Coverage

Medical insurance benefits that insurers must provide include: alcohol/substance abuse, breast reconstruction, chiropractor, dental anesthesia, dentist, dependent coverage (including newborns, adopted children, dependent students/adults, disabled dependent adults), diabetes self-management and supplies, emergency room service, licensed health professional, mammography, maternity minimum stay, mental health, nurse (midwife, practitioner, anesthetist), off-label drug use, optometrist, osteopath (D.O.), PKU/metabolic disorder, podiatrist, prostate cancer screening, psychologist, social worker

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