“Rates are going up AGAIN? We just keep paying more and getting less.” Does this sound familiar? Believe me, I hear this quite frequently when discussing health insurance renewals with small businesses!
Even though the increases hit larger groups as well, it is especially painful for a small business to be hit with an increase of 30, 40 or dare I say it, 60%? Unfortunately, it happens. What is a small business to do?
Here are some options that some of my clients have considered:
1 – Cut benefits back a minimum – maybe only providing a medical plan. No prescription, no dental, etc.
2 – Look at the voluntary market. You could offer something to your employees, but the cost would be their responsibility.
3 - Consider a “discount” program, such as Americard. Usually, programs like this can be employer funded, employer sponsored or purchased individually, and are available through your broker.
Not sure what to do? Ask your insurance advisor what options are out there for your business. Even though this is a common situation, every business is unique and the solution to this problem should be as unique as you.
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