Group health insurance policy renewal rates are being released by insurance companies right now. On average, Indiana employers are seeing a 14% increase this year – quite a jump from last year’s rate jump of 5-7%. As a business owner, you want to provide a good work environment that attracts and retains employees, but not at the cost of a healthy balance sheet. Fortunately as a member in good standing of BAGI, you have options available to help you manage these seemingly competing goals.
1) BAGI Group Health Insurance Program
This Program uses the pooling concept through BAGI membership to bring about a more even spread of risk, less rate volatility, and a viable answer to the double digit rate increases we are seeing this year. WIFS is the sole administrator of the program.
- pool your employees into a wider group of insured individuals, thereby diluting the effects health risks have on your policy rates
- avoid large rate increases by tapping into group buying power
- opt-out of the community-based rating pool, which particularly benefits companies with healthy employees
- choose from 12 different plans, from benefit-rich and low-out of pocket plans, all the way up to plans with the maximum allowed federal out-of-pocket limits
2) Seamlessly Move Employees to the Federal Health Care Exchange for Coverage
Smaller organizations are realizing cost savings by ending their group health insurance benefits and supporting their employees’ ability to find their own coverage on the Federal Exchange. We work with employers to create a budget for health care spending, and then to build a formula by which they can supplement employee out-of-pocket expenditures, usually by grossing up their wages. We also can assist employees in obtaining coverage.
- eliminate increasing cost variability of group health
- allow employees to choose a plan that best suits their needs
- maintain employee good will by supporting their health insurance coverage
If you are facing a huge jump in your group health insurance premiums, give us a call at 317.663.4138 or send us an email. We have the knowledge and experience to help you balance employee needs with bottom line concerns.