According to MoneyControl.com, corporate accounts can expect increases on group health insurance premiums from 15%-18% in 2019. Many have already seen this increase and even more will see a rise beginning April 1st. Insurance companies are reporting, “We had no other option but to raise premiums for products due to rise in costs of medicines, medical equipment, and hospitalization.”
Many corporate companies are now opting for co-pay elements to reduce the burden of these increased prices. With this option, the individual employees pay part of the insurance premium to ensure continued coverage for themselves and their families. One major benefit for corporate companies to keep their group health plans is that the cost of a group plan is significantly lower than individual health insurance products.
With these forecasted increases it important to consider all options.
More companies than ever are going to a PEO to save thousands on employee benefits.
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