It is a given fact that premiums for group insurance plans rise almost every year. The quote and rates you have now may have been fairly good when you purchased your group plan. But now, after three successive rate increases in the past three years, you are wondering if there is any way to cut costs?
One way to cut costs is to raise the deductible on your group insurance plan. Sometimes that can make a sizeable difference in the premium. Companies generally allow you to go up to a higher deductible at renewal time.
Another way to lower costs is switching group coverage, or at least get quotes from other companies. Sometimes these quotes will not be as good as the rates you are presently paying. Yet knowing what other companies are charging helps you to better explain to your field staff the monthly premiums they are presently paying. And sometimes the rates offered by other companies are better. In that case, if the savings are significant, it would make sense to switch insurance companies.
Good Neighbor Insurance represents several international health insurance companies that provide group insurance. If you would like to research group rates for your organization, please let us know. We will be happy to help you in this matter.
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