In Nevada, many small business owners have a bad taste in their mouth when it comes to health insurance. They don’t like it, many don’t understand it and even worse, many don’t have anyone they can trust who understands it. Payroll and benefits are usually the single largest expense for employers. And outside of wages, health insurance is the next largest chunk of what’s included with payroll. When business owners don’t understand how these dollars are being spent, they’re giving up control of this major area. For small business changing insurance plans is a critical piece of keeping costs low.
Small business owners need to know they have control over choosing the insurance company and the plans that are right for them. Changing insurance companies or even small business changing insurance plans can seem like an unnecessary headache and interruption in the business. It doesn’t need to be.
Without the opportunity to change plans the market won’t work. Insurance companies have their ups and downs. It’s healthy for the market to see small businesses changing insurance plans. Seven years ago the best deal for insurance came from companies like Aetna, Cigna, and Assurant. Today not one of those companies offers small group (commercial) or individual health insurance plans in Nevada. Instead, today we’re seeing a completely different set of companies as the leaders in the market.
Additionally, some of the best-priced companies today had some of the worst prices just a few years ago. Without changing insurance companies employers are at a disadvantage. They may start with low prices but then they go up. Employers hope prices eventually decrease. Instead insurance companies have a tendency to leave the market altogether.
Finding the right plan for your employees isn’t easy. Before you look into having your small business changing insurance companies it’s best to see if you can’t change plans first. Each insurance company we work with offers at least 20 different health insurance plans. This way you don’t have to consider a different insurance company with a different doctor list and prescription drug list. Most insurance companies allow you to change plans with minimal or no paperwork at all.
If the doctors or prescriptions aren’t working for you, this may be the main reason to change insurance companies. It’s best to start shopping early. The research is important, especially if you’re taking prescriptions or have specific doctors you need. Every doctor’s list and prescription drug list is available from the insurance companies before you buy.
A good health insurance broker can help with all of these decisions.