By Greg Levin, CFP®
Orange County, Group Health Insurance 5/8/12 – The key to finding the suitable group health insurance is to work with a trusted advisor, one who knows the market and searches out quotes from many carriers.
There are more choices than ever in the group health insurance market, and navigating through all of the options can be a daunting task.
- How can you be sure you’re on the appropriate plan?
- Does your carrier offer the best plan coverage?
- Are you maximizing your healthcare dollars?
These are some of the many questions that you should be asking the manager of your group benefits plan.
By working with an advisor who understands your company’s needs, you can ensure that your company is trying to maximize their healthcare spend. There are many creative ways for both the employer and employee to save money on premiums, as well as save money on federal taxes, gain tax-deferred growth and take advantage of tax-free withdrawals. A complete analysis of your current plan should be completed at least once a year, and a thorough check can uncover potential savings as well as help reduce waste within your current plan design. Never renew your plan “as is” without looking at every carrier and every plan option.
The rise of self-funded and other plans, such as Heath Savings Accounts (HSAs), present companies with the potential to save a tremendous amount of money on premiums, as well as provide a great savings vehicle for their employees. The plans have grown in popularity over the last several years, and I expect the trend to continue.
As the insurance market is constantly changing, it is important to keep up with the latest in plan selection, legislation and trends. Navigating this difficult marketplace is infinitely easier when you choose a trusted advisor to work closely with, who can provide assistance and advice tailored to your needs. If you ever have any questions, I am always here to help.
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This article appeared as a guide at Brightscope.com on 5/8/12. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. LPL Tracking #1-065345