What You May Not Know About Group Health Insurance Rates

Posted by Lisa Winther on 06.11.16

Small business owners who wish to provide health insurance for their employees generally begin the process by inquiring about costs. Perhaps this is stating the obvious. Nonetheless, as group health insurance rates continue to rise at double digit increases year after year, employers have to be very aware of their costs and the impact it has on the bottom line.

For employees with employee sponsored health insurance, most of the premiums are paid by the company, approximately 80% on average, depending on the type of policy. Many of the larger employers tend to pay a larger share.

However, as the cost of coverage continues to climb, many employees can attest to the fact that their out-of-pocket contribution has increased as well. As group health insurance rates have increased, many companies have been forced to shift an ever-increasing share of this burden onto their employees.

Those employers who start the process of looking for less expensive health coverage by simply looking for cheap group health insurance are in for a shock.

First of all, cheap is perhaps not the best way to begin the process of looking for health insurance of any kind. A better outlook is to shop in terms of whata_Ts affordable. Second, health insurance premiums are regulated fairly heavily in the U.S. by the individual states. So, whether you purchase the same plan from an online broker, your hometown agent, or the insurance company yourself, you will pay the same premiums.

Perhaps the best way to shop for the most qualifying and affordable group health insurance is to obtain several quotes. In this digital age, the easiest way to do this is by using the free services of an online health insurance broker. By simply entering some basic information about you and your company, as well as your employees who require coverage, you can be looking a multiple group health insurance rates in no time at all. Once you have the quotes, you can begin the process of making the best choice for your employees and your company.