Health insurance premiums can add up to major overhead for Central Florida businesses.
While not all small businesses are required to offer health insurance to employees, many are. And there is good reason to be concerned about how much health insurance will cost employers in the coming years. Two major changes in the health insurance landscape have Central Florida entrepreneurs talking:
1. Increased Health Insurance Costs Owing to COVID-19
It has been over a year since it was possible to believe the end of the pandemic was around the corner. With an unclear timeline for vaccination, businesses may continue to absorb fallout for years to come. Likewise, more people of all age categories will need to seek out care if they are exposed to the virus. Insurers are aware of the long-term risks and are sure to raise their rates accordingly.
2. Preventive Costs That May Accrue to Central Florida Businesses
With the announcement of President Biden’s Plan to Combat Coronavirus, more immediate costs may be forthcoming for Florida enterprises. It is not yet clear if businesses will be expected to shoulder the costs of testing for their “vaccine-hesitant” employees. If so, both compliance and failure to comply could result in thousands of dollars in additional costs.
Although the Affordable Care Act was intended to provide clarity in the health insurance world, it is growing more complex and ambiguous. Companies of all sizes, in Central Florida and beyond, would do well to take steps to control costs arising from their health insurance obligations.
One move they can make right away is working with a local health insurance broker.
Depending on your company’s size, you may save thousands or even millions.
A Local Health Insurance Broker in Central Florida Will Help You Save Money
Every dollar you trim from your overall health insurance multiplies across your entire workforce.
With that in mind, it is crucial not to assume that you have the best deal available. Even if you are fully satisfied with the employee benefits program you have in place, you may have the opportunity to drive greater efficiencies into your business.
Health insurance is the cornerstone of employee benefits. Even smaller firms that are not required to offer it will often do so as a way of differentiating against competitors of similar size. Robust employee benefits are among the best ways to distinguish yourself and be recognized as an employer of choice.
The easiest way to navigate the thorny questions around health insurance is to contact a local health insurance broker in Central Florida who understands your options. This not only accelerates the process of selecting health insurance but ensures you can get it at the best rates available.
Here are some common questions executives have about employee benefits and insurance brokers:
1. What Is a Local Health Insurance Broker?
A local health insurance broker is an independent professional who knows health insurance in detail.
Unlike an insurance agent, your Central Florida health insurance broker is not beholden to any brand of insurance. He or she can recommend any health insurance policy or program on the basis of your needs
Since a health insurance broker doesn’t have to worry about a sales quota or any other form of outside pressure, you can be sure your interests are paramount in every piece of advice they have to offer you.
Health insurance brokers have access to data and information that would be nearly impossible for even the most informed business owner to find alone. This enables them to ensure that you have all the facts in front of you when you need to make big decisions about your employee benefits structure.
Smaller Florida businesses in particular stand to save lots of money – but any enterprise can benefit.
2. How Does a Local Health Insurance Broker Help Me Save Money?
On average, this is the experience most buyers have with health insurance:
- Individuals can choose Affordable Care Act insurance or policies offered by their employer.
- Businesses often have limited access to policies based upon their size and buying power.
Unfortunately, this leads both commercial entities and private citizens into “one size fits all” types of arrangements that may or may not meet their needs. For example, a company with 200 employees may be required to offer health insurance but pay extra fees because of the smaller size of its workforce.
They cannot leverage economies of scale, so their employee benefits become very expensive.
A local health insurance broker breaks you out of this situation by identifying additional health insurance options. This may be as simple as connecting you with smaller private insurers that you might not be aware of. But your broker also has insight into a wide range of alternative insurance plans.
Aside from conventional health insurance agencies, many other organizations can offer insurance. Their operations may be limited to a certain geography or an industry. They may require a certain type of affiliation or other personal characteristics. But they are there and they are ready to be used.
Where it once seemed like there were only a few options, there might actually be dozens.
This allows you to engineer your employee benefits with the right balance of quality and affordability.
3. Does a Local Health Insurance Broker Understand My Business?
A local health insurance broker can’t replace your employee benefits team but will partner with them. By combining your internal processes with the right outside expertise from a health insurance broker, you are more likely to succeed.
Just as they would with an individual, the right broker will take time to understand your situation and lay out the possibilities in clear terms. That allows you to weigh the costs and benefits of the alternatives while doing what’s best for your future prosperity.
Before you choose a health insurance broker in Central Florida, make sure that they have experience working with brands like yours. Don’t be afraid to ask questions about their work with companies of your size and industry. And, of course, always choose a broker headquartered in your service area.
4. What If I Need to Change Health Insurance or Health Insurance Brokers?
If you need to adjust your policies in the future, you can do so with your health insurance provider directly. You can also consult with your local insurance broker at any time if your needs change.
Choosing a health insurance broker gives you the advantage of a long-lasting partnership. You have an expert in your corner who will always be there to help you save more money and increase benefits.
But you are not obligated to continue working with any broker and you can switch at any time.
Choice Health Insurance Brokers has helped businesses from all across Central Florida reduce overhead and increase satisfaction with their employee benefits. With a helping hand from someone who cares about your success, it’s easier than ever to select health insurance for your business that you’ll be pleased with.
Contact us today to learn more.