Large Group Health Insurance in NJ
Group Health Insurance for Businesses With Over 50 People
Central Jersey Insurance Associates understands that group health insurance is not a one size fits all service, which is why we have a specialist for all accounts with over 50 people. Wendy Ebner works with Kate Plageman, Senior VP of Group Benefits, to negotiate rates for large group clients, as well as develop the proper infrastructure to support these groups from an administrative, compliance, and communications standpoint.
Meet Kate and Wendy
The Effects of COVID
There have been interesting trends to observe due to COVID. The first of which is that it’s been a very hard year for employers and carriers. However, we have seen the carriers pull through this storm and being very generous with active at work rules, furlough, and being flexible with premiums.
We also saw a lot of rate stability in terms of renewals, which has been helpful. In general carriers have been lenient thanks to stimulus they’ve received.
Four Characteristics of a Good Program
Price
Price is always king as healthcare is the second highest spend outside of payroll. A broker that is analytical, shopping the market, and doing their due diligence can get the pricing you need.
Technology
It’s important to have a system that can bring people together in this virtual environment we’re currently living in. There are a lot of platforms out there, but it’s important to remember that one size doesn’t fit all and that you get the platform best for your business.
HR/Compliance/Education
A good broker doesn’t need to be an expert in all of these, but they certainly need a strong collection of resources behind them. There are more fines and regulations than ever so it’s important to have a good lawyer on your team.
Relationship
Having the ability and willingness to be custom, staying in touch with employers on a regular basis, and knowing what motivates them throughout the year is something that only certain brokers have.
A Return to Normalcy But With Improvements
With things slowly returning to normal, we’re also seeing innovation, improvements, and new products that’ll make a difference. New spins on self-insured products, reference based pricing, and level funding are just some of the things we’ve seen positive changes to.
However, the biggest trend we’ve seen is improved technology in the support of healthcare. Carriers had always been a bit behind the ball with technology, but COVID made them have to adapt to the times. These technological improvements are helping employers manage the life cycle of an employee and the overall quality and efficiency of the health plan.
Learn More About Large Group Health Insurance
Finding a great large group health insurance plan for businesses of over 50 people can be difficult since no two businesses are alike. If you’re struggling to find a plan that suits your needs, get in touch with us today. Our team will take care of managing your health insurance needs and find you the best prices for the best services that are right for your business.
