Although non-profit organizations are no obligated to provide health benefits for part-time and full-time employees, offering health insurance is a great way to give back to the men and women who help your organization thrive. Healthcare benefits are also vital if you want to attract and retain the best talent possible. And while it may feel like group health coverage is out of the question given your organization’s tight budget and limited capital, there are plenty of ways to reduce costs and find affordable healthcare for your employees. Here are tips to help you save money and find the best coverage when shopping for group health insurance for a non-profit in New York City.
Shop Around and Compare Rates
First and foremost, it’s important that you shop around and compare rates from different health insurance providers. Better yet, work with a licensed health insurance broker in New York City to sift through your options and present the best options that fit your needs and budget. And because most insurance brokers are compensated by the insurance carriers, purchasing a group health insurance policy for your non-profit typically doesn’t cost any more than purchasing it on your own.
Play With Premiums and Deductibles
Whether you shop around on your own or hire an insurance broker, play around with the premiums and deductibles in the group health insurance policy to see how it affects the plan’s overall cost. If you have a relatively young and healthy staff, a plan with a lower premium and higher deductibles may be the best choice given your tight budget. On the other hand, older employees and employees with more healthcare needs may be better off with a higher premium/lower deductible plan. Talk with a broker about your workforce to determine which policy settings work best for your budget and your people.