A group health insurance plan can prove to be very expensive for a business owner and even a small sized company can end up paying high insurance rates.
Not providing insurance is not a solution because most employees consider medical insurance to be the biggest advantage of their jobs and in this current day scenario the medical insurance provided by the employer has become precious.
However, small or big business owners should take adequate care and research well before purchasing a group health insurance.
There is no harm in shopping around as much as you want.
Comparison shopping is the most effective tool for shopping today as you get the lowest prices available in the market.
Going to a single insurance company will leave you with a take it or leave it deal and you can actually maximize your choices by comparing quotes from several companies.
While buying a group health insurance you can choose a high deductible plan so that the premium is low.
The over all insurance coverage premium can be driven low by making the deductible high.
This is also beneficial because the employees may or may not use the plan at all times.
Having an insurance provided by employer is a comfort for the employee and also the employer's peace of mind.
However, in most cases the deductible needs to be paid at the time of coverage and even though it is high, the employees at least have an option of health coverage.
By providing insurance companies can also save on taxes.