Are you wondering how to contain the cost of employee benefits?
Unfortunately, increases in health insurance costs are driven by factors that are outside of the company’s control, such as:
- The cost of care rising (medical inflation)
- Expanding regulatory and reporting requirements
However, a significant driver of increasing health insurance costs is the plan’s usage and claims history.
When it’s time for presenting renewal rates, health insurance companies make predictions about the next 12 months based on established patterns in the previous 12-month period.
It’s an anticipated fact that health insurance costs will rise. However, the amount of the increase is a bit harder to determine. After all, life happens. It’s not that easy for businesses to predict accidents, injuries, and illnesses, or their frequency over a year.
Additionally, these businesses are often short on time and staff and can lack the resources and expertise to:
- Research market rates.
- Look through data within end-of-year claims reports and proposals for upcoming years.
- Identify discrepancies or inaccuracies that could ultimately reduce costs.
As a result, the National Conference on State Legislatures reports that small businesses pay an average of 8% to 18% more than larger organizations for the same health insurance policy.
Working with Cosmo Insurance Agency can secure you from the unexpected. Cosmo Insurance will help you find the most cost-effective rates and plans for your group health insurance. We aim to keep your rates the same or lower for your renewals. We provide help with claims, enrollment, termination, and Cobra at no additional cost. We are with you always!
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.