Find out how you may be able to switch to a more affordable small business health insurance plan.
If you are thinking about switching your small business health insurance plan, you may have questions about how the process works.
For instance, due to rising costs, you may consider switching to a more affordable group plan while continuing to offer coverage for yourself and your employees. However, where do you begin?
First, the switching process usually starts by talking with a health insurance agent, either by speaking with your current one or contacting one of our licensed agents at eHealth. Second, you should know that you can shop for new small business health insurance coverage at any time of the year—there is no Open Enrollment Period for group health insurance plans.
Continue reading to find out more about switching to a new small business health insurance plan.
How does switching small business health insurance work?
When setting up small business health insurance coverage, employers usually commit to a certain group plan for one year. As the plan year draws to a close, the business’ health insurance broker may contact the employer to see if the company still has coverage that works for its employees, and may offer new health insurance quotes.
Reasons why a small business may consider switching group health plans include:
- Going with a different insurance company due to rate changes
- Choosing from different small business health insurance plan types
- Selecting a different health plan metal level (like bronze, silver, or gold)
For instance, you and your employees may be able to save money by switching to a new small business health insurance plan with lower monthly premiums and a somewhat higher deductible.
On the other hand, a high premium yet lower deductible plan may be a financially smart choice in the long-term if you or employees anticipate a recurring need for medical services, including doctor’s visits, prescription medications, and specialist care. The most affordable plan will depend on what kind of care enrollees of the plan require.
When considering switching group health insurance, be sure to read through your contract to see if there are any fees or financial penalties related to changing or canceling the plan, as well as how the insurance company should be notified (sometimes by mailed letter or fax, depending on the contract).
Since changing your business’ health coverage is a major decision, you should always work with a licensed agent who can help you find the right health care solution for your company. An agent can also guide you through the important process of notifying your employees of how to sign up for new coverage.
Factors to consider when switching to new small business health insurance
Here are three important areas to think about when evaluating a new group health plan.
- Cost – Getting new small business health insurance quotes at least once annually can help you check to see if you still have the right coverage for your company while making sure that your business is not paying more than it needs to.
- Coverage – Depending on the health care needs of you and your employees, you may think about switching to a group plan with a lower monthly premium (if your workers rarely receive medical care) or lower deductible (if they pay too much out of pocket for medical services).
- Workforce – If your business has grown significantly with the addition of new employees, it may make sense to explore a variety of additional group health insurance options that may be able to better meet the needs of all of your workers by giving them more choices to consider.
How can eHealth help me with switching to new small business health insurance?
eHealth can help you maintain your current group health plan or start switching to a new plan that fits your health care needs, even if you already have a broker or have purchased a plan from a health insurance company in the past. Since health insurance rates are regulated and do not vary by broker, there’s no additional cost to you.
With eHealth, you get:
- World-class customer service – With dedicated account managers and licensed agents, eHealth is committed to helping your small business find the right group plan.
- Best prices – We have the best prices on any product we sell. Prices are fixed by law, and you’ll pay the same price for the same ACA group health plan no matter where you buy.
- Personal advocacy – eHealth serves as your advocate and point of communication with the insurance company. You can continue to contact us with questions about your plan, claims, or billing, even after enrolling in your new small business health insurance plan.
By using eHealth to compare quotes and consider all of your options, you may be able to save money by finding a more affordable plan.
You can learn more about setting up your new small business health insurance plan here.
Switching your small business health insurance can be a big decision. Fortunately, eHealth’s licensed agents are here to help answer your questions. Visit eHealth.com today to learn more about group health insurance plans and find the right coverage for your business.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.