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Overpaying for Group Health Insurance in Tennessee

What is the main reason people overpay for their group health insurance in Tennessee? You might say it’s due to the simple fact that insurance companies charge too much for group health, and I wouldn’t argue that point. However, given the options that are before us, we must make the most efficient decision, even if the choices are bad. In my 20 years of experience in the Middle TN Group Health market, I’ve come to the conclusion that the main reason companies over pay for health insurance for their employees is because they pay for benefits their employees, or most employees, don’t use.

With changes in the industry from the Affordable Care Act, all policies cover the same things. Whether Bronze, Silver, Gold or Platinum, the underlying benefits are the same. The only thing that changes is how much you pay before the insurance company starts to pay. So what’s the most important variable to consider when buying group health insurance for your employees in TN? The premium! Now of course, if your employees aren’t paying their own premium in full, the only thing that matters to them is their copayments and deductible cost. But be careful before you load up on expensive plan designs. If you are paying your employees’ premium, any benefit plan you offer should be appreciated.

There two ways to lower your group health insurance cost:

  1. Optimize your plan design with your current insurance company.
  2. Change to another carrier that is a better fit for your business/employees.
  3. If you have over 10 employees, consider a Self-Funded plan. You might be amazed at how much you can save.

You may be able to save a lot more than you think for your small business group health plan in TN.

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