High growth companies often surpass the health insurance milestone with little effort. Until your business has over 50 or 100 employees, depending on your state, you won’t really be able to negotiate your health insurance rates. It’s likely that your health insurance plans will be your biggest expense after employee salary, but until you expand it’s unlikely to be one that you could control or influence.
Getting Better Rates for Larger Businesses
Transitioning to a larger size business can change everything for your company. Rates are competitive and it’s time for you to become strategic with your business’s health plan design. You can use this growth to cut your healthcare costs while simultaneously improving the benefits your employees have available. As a larger employer, you now have the power to tailor your benefits plan in a way you see fit. Negotiating with carriers should be left to your insurance broker and HR team.
What it Can Mean to Your Employees
Becoming a bigger business that offers better benefits means you’ll find yourself able to compete with bigger rivals. A benefits package that is as good, or even better than, your rivals can help you attract talent to your company that are looking to land a role with an up-and-coming business.
Getting the Best Deals For Your Growing Business
One of the best things about growing your business to reach this criterion is that it can allow you to improve your benefits package, attract new talent, and significantly reduce your expenses. It’s important to remember that you need a broker that can help to reduce your prices. In the first year, this is easy as carriers will often compete for your business. In later years, it can be a struggle.
Partnering with Benely can help you to achieve consistent savings on your health insurance. Our team of benefits experts work closely with your team to make sure that everybody gets what’s right for them. Also, our extensive network of carriers means you get the best deals with the best coverage.