Why “cheap” benefits can cost you more
If it isn’t sustainable, it isn’t a solution.
You know the drill: unbelievable proposal from a new provider that says they can save you 20% on your benefits package. Great! Then renewal time comes… not so great.
Let’s be honest, a cheaper plan still comes at a cost. The difference is what’s included and who’s paying for it. If your benefits provider says they can save you money without actually changing the components of your plan, where do you think the savings are coming from?
Here’s what you really get when you go for the “cheapest” plan.
1. Less Value – Its safe to say if you’re now paying less for your benefits, you’re also getting less coverage. Just remember, stripping valuable elements from your plan to save money upfront, usually ends up costing you more in the long run.
2. Increased Costs For Your Employees – The price hasn’t changed and you haven’t added any more value to your plan, the only difference now is who is covering the cost. You may be paying less but your employee’s contributions may have increased.
3. The Wrong Caps & Limits – This isn’t a new plan that’s giving you more bang for your buck, it’s a band-aid solution that doesn’t address core issues: rising drug and disability costs. Capping the wrong parts of your plan might decrease coverage without addressing the real risk.
Jumping to the lowest priced plan isn’t a sustainable solution – finding the right plan to meet your needs is!
We’ve got you covered…
GroupHEALTH is committed to saving you money not just today, but over the long run too. We specialize in products and services that don’t just give employees the options they want, but that also give employers better options as well.
Click the button below to request a free, no-obligation 10 minute conversation about how we can help you compete in the employment marketplace.