The Latest Money Saving Group Health Insurance Strategies for California Employers
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Innovative Group Health Insurance Strategies for California Employers
Summary
Discover the latest strategies small business owners in California are using to make group health insurance premiums more efficient.
Key Strategies
1. Health Savings Accounts (HSA)
Employers opting for high-deductible health plans often redirect savings into Health Savings Accounts for employees. These funds cover qualifying medical expenses, and unspent money rolls over annually, remaining with the employee even if they leave the company.
2. Health Reimbursement Arrangements (HRA)
Similar to HSAs, HRAs involve employers pledging funds to cover medical expenses not paid by insurance. Unlike HSAs, the money only gets used when there are expenses, benefiting employers by minimizing upfront costs.
3. Medical Reimbursement Accounts
Known as partial self-funding, this flexible approach allows employers to manage smaller expenses with their resources. Employers take on higher deductibles and cover additional costs as per a pre-arranged agreement. However, compliance with regulations requires an experienced third-party administrator.
4. Kaiser Permanente
Many businesses are choosing Kaiser, known for being cost-effective while investing in quality control and future growth.
5. Offering Blue Cross and Kaiser Options
With Blue Cross's new program, employers can enroll a minimum of five employees, allowing the rest to choose Kaiser. This offers unprecedented flexibility.
6. Blue Cross Elect
The Elect portfolio includes HMOs, PPOs, and an EPO plan, ranging from low to high premiums. Employers can set contributions based on their budget, offering employees plans like the $25 copay PPO without additional cost. Employees seeking enhanced plans or coverage for dependents can manage the difference through payroll deductions.
This flexible approach gives employees various choices to fit their needs, while employers manage costs effectively.
Conclusion
These strategies are subject to change, so staying informed is crucial. For more detailed information, contact Todd Rich at mail@thestrategyguide.com.
About Todd Rich: Todd is a California Small Group Health Insurance expert with four books on the subject. Learn more at [The Strategy Guide](www.TheStrategyGuide.com/ezines).
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