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8 Tips to Keep Rising Group Benefits Costs Down in 2024

By February 2, 2024February 6th, 2024Employee Benefits

Now more than ever, small businesses are looking for effective strategies to keep group benefit premiums down. At Unity Insurance, we understand the unique challenges faced by Maryland small businesses and beyond. Below, we outline nine essential tips to help you keep rising group benefit premiums down and make the most of your Maryland employee benefits in 2024.

Customize Your Coverage with Unity Insurance

Tailor your group benefit plan to the specific needs of your employees with our customizable options. If you haven’t done so recently, it may be time to take a close look at your existing plan and identify any areas where you can make adjustments. The experienced insurance agents at Unity Insurance can assist you in analyzing your plan and suggest changes that align with your employees’ needs. With access to a wide network of insurance providers, we’ll do the legwork to help you find the most competitive options available. 

Regularly Review and Update Policies

Stay ahead of changes in your business and the insurance landscape by routinely reviewing and updating your group benefit policies.We recommend reviewing your group benefit plan annually to ensure it remains aligned with your employees’ requirements and budget.

Embrace Preventive Health Measures

Employee wellness programs are all the rage– with good reason. Promoting a healthy lifestyle among your employees can lead to reduced medical claims, group benefit premiums, and overall lower healthcare costs in the long run. Maryland employee benefits can include various wellness program options so check with a Unity insurance agent today to find out how you can bring this benefit to your employees. 

Consider Increasing Employee Contributions

Small businesses often face a heavy cost burden when it comes to group benefits premiums. Sharing more of the cost of premiums with your employees can help alleviate the financial burden on your business and make group benefits more sustainable for the long run. Unity Insurance can assist you in designing a cost-sharing strategy that is fair and beneficial for both you and your employees.

Consider a High-Deductible Health Plan

Another option to decrease costs this year may be to consider high-deductible health plans. These plans can be a cost-effective option for both employers and employees. We can guide you through the process of implementing such a plan and ensure that it meets your employees’ healthcare needs

Stay Informed about Legislative Changes

New legislative changes may impact group benefit premiums but it can be difficult to keep up with everything happening in the news. At Unity Insurance, we stay abreast of all the latest compliance updates to ensure that your policies align with current regulations.

Encourage Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Maryland employee benefits may include options for HSAs and FSAs that may provide tax advantages for both employers and employees while managing healthcare costs.

Choose Unity Insurance as Your Maryland Insurance Agency

At Unity, we strive to serve as your trusted Maryland group benefits experts dedicated to helping you navigate the challenges of 2024 and beyond. With access to a wide range of insurance carriers, we can help you compare options and recommend the most suitable group health insurance plans that align with your employees’ needs. Connect with us today to implement these tips, and together, we can build a comprehensive and cost-effective group benefit plan tailored to your unique business needs.

Speak With An Agent At Unity Insurance About Your Group Benefits Needs Today

Unity’s insurance professionals serve as your advocate from the very beginning. From selecting coverage to filing a claim, we are by your side every step of the way. At Unity Insurance, we know insurance plays a vital role in every stage of your life and business. Our professionals provide guidance and support to ensure you make the right decisions regarding your insurance options. We work with our clients to provide the best plan for individual needs. Call 410-539-6642 to learn how the experienced insurance agents at Unity Insurance can assist you.