Here are a few proven ways to save money on group health insurance:
- Get new quotes every year. A good agent or broker will be able to get several comparable quotes for you from various international health insurance companies.
- Require everyone over 65 relinquish coverage on the group plan. Help them get on Medicare, a Medicare Supplement plan, and an evacuation plan. Often this will also save them money.
- Look at increasing the deductible on your present insurance or limiting some of the benefits.
- Shop for a policy that rewards your employees for getting their medical care outside the USA.
- Screen new candidates carefully. If you are accepting new employees with high- risk health problems, this will probably show up in your insurance rates in a few years.
- Go back to your present carrier and ask for a rate-increase reduction. In most cases, they will give you a couple of points.
- Consider getting individual medical evacuation coverage for your team. Sometimes group medical evacuation is more costly than individual medical evacuation plans.
- If your staff has access to excellent medical care outside the USA, e.g., they work in Europe or near Singapore, you might want to consider a policy that excludes coverage in the USA. When they come to the USA for furlough, then they can take out a short-term plan that will cover their furlough time.
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The information and advice on this website was deemed accurate when it was originally published. GNI cannot accept any responsibility or liability for any actions taken on the basis of the information provided, unless that information is subsequently confirmed in writing. For the latest up-to-date information please call us or check brochures and other published materials for latest revision/date.