Small-Group Health Insurance & Inflation

We are now starting to experience the impact of inflation on all industries. The cost of doing business is going up for most industries. Inflation can be devasting on small businesses and force owners to make difficult decisions. One benefit is that small businesses can make changes quickly. When it comes to Indiana Insurance Benefits, the power to decide can saves thousands of dollars within 30-45 days.

With the current state of the economy, there is no more significant advantage for a small Indiana employer than to review current group health insurance costs.

Changes in Small Business Benefits

Coming out of the COVID, many small employers have had a change in employees. Our senior employees may have retired or gone to part-time status. At the same time, an employer might have hired younger employees.

Indiana Insurance Benefits saving you moneyThis change in demographics can have an impact on health insurance rates. A drop in the average age of a group can produce 10%-12% savings. The current group health plan may not give you that immediate saving and force you to go out to market. In the current environment, it’s worth your time to evaluate your employee changes.

Even if there has not been a drastic change in a small company’s employee demographic, there are significant cost-saving techniques one may not be aware of. Indiana has seen an influx in medically underwritten small group health plans. If a group qualifies, you could experience a 30%-40% savings vs. an ACA or legacy policy. This equates to huge savings for a small business dealing with the impacts of inflation.

A small company can change group health benefits quickly. You may not have to complete employee applications with today’s underwriting options. Most health insurance companies underwrite a small group off a member-level census. Then an employer can lock in rates to determine the amount of savings without inconveniencing employees.

Another advantage for an Indiana employer is an off-cycle renewal. Off-cycle is when a group plan elects to have the plan start outside of Jan.1st. The insurance carriers would rather have business spread out throughout the year. This can create additional savings and more attention.

With increasing fuel and energy costs, now is the time for a small company to reevaluate the current Indiana Insurance Benefits.

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