How Much Does Group Health Insurance Cost?
When I get a call inquiring about group health insurance for a small business, the main thing every business really wants to know is, how much will it cost? In the end, it’s always about the money, right?
I can’t give a generic cost estimate because every group is different. Insurance companies base rates on the average age of the employees, benefits chosen, sometimes the health status of those applying, and other factors. But here I’ll show you some actual rates I’ve had issued for some of my groups in 2019.
Group 1 – Video Equipment Firm
Number of Employees: 20
Health Status: Mild Health Conditions
Average Age: 38
Plan Chosen: High Deductible HSA plan ($5750 deductible)
Average monthly premium for a Single Employee: $229.01
Group 2 – Advertising Firm
Number of Employees: 8
Health Status: Mild Health Conditions
Average Age: 40
Plan Chosen: PPO Copay plan ($6750 deductible)
Average monthly premium for a Single Employee: $337.82
In order for me to give you a firm quote, I would need a census and possibly health questionnaires, depending on the plan.
I have switched plans for employers and saved them as much as $30,000 per year in total premium.
Underwriting will determine final rates. But if you are paying a somewhat higher premium than the rates shown above, why not find out how you compare. I have switched plans for employers and saved them as much as $30,000 per year in total premium. That is what happens when the savings add up over multiple employees. That should be worth a look, right?
We do the all the work. You decide.
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