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Thinking About Getting a Group Plan? Why Evaluating Benefit Premiums is The Last Thing You Want to Do

pricing Oct 07, 2020

Investing into an employee benefits strategy makes good financial sense as it’s a way to commute “income” to an employee on a tax-free basis while helping them maintain their health so they can be productive at work. It’s a classic win-win. However, there is another side to this coin.

Benefit plan premiums generally go up every year. As your employees age, submit more claims, inflation creeps up and practitioners charge more. You’re feel-good-benefits-plan can become a financial annoyance if it’s not set up properly at the onset.

First, know this. The big insurers LOVE to buy new business. Most of the big insurance companies are the big offenders here. Until a group plan has longevity, predictable claims experience, for small businesses; we’re not convinced these carriers are always best aligned for the needs of these types of enterprises in the early days of their benefits plan offering. Sure, some will argue this point and there are...

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