You can’t read a paper or watch the news without
hearing about health insurance costs being “out of control.”
Small group medical plans are experiencing double digit rate
increases every year and there seems to be no end it sight.
We believe health insurance costs CAN be
controlled using 6 simple steps:
Shop Aggressively – Our local
insurance market is vital and competitive. Several carriers
and associations (medical
plans) are offering comprehensive, creative, affordable
plans. Kimmel Benefits is committed to shopping entire
market to find the best plans available.
Tax Advantages – There are many ways
to create tax-favored accounts and savings for both
employers and employees (Self
Directed Health Plans). Plans are simple,
inexpensive and easy to administer.
Premium Only Plans
Flexible Spending Accounts (FSA)
Health Care Reimbursement Accounts (HRA)
Health Savings Accounts (HSA)
Plan Modifications – Most plans have
several components that can be incrementally modified to
lower costs without drastically changing the coverage. If
communicated properly, employees are usually understanding
of the need to make changes plans.
Consider Self-Funding – Self Funded
plans are a viable option for qualified companies. Also,
using HRA’s (Self
Directed Health Plans), it is now possible to
self-fund specific benefits such as vision, prescription
drug and dental benefits.
Voluntary Plans – Many benefits can
be shifted to voluntary, employee-paid benefits. Dental,
life insurance, and disability plans are usually well suited
to a voluntary format.
Choose a Competent Advisor – The
single most important thing you can do to control costs is
choose a competent broker/agent to guide you through the
complicated insurance process. A quality broker will have
the experience, expertise and contacts to assist you in
every aspect of the insurance process. Choose an agent that
specializes in small group benefits like Kimmel Benefits.