Georgia Small Business Health Insurance Firm Providence Insurance Group Discusses Health Benefits in the New Fiscal Year

NORCROSS, GA, December 05, 2012 (Press-News.org) Having recently entered Federal fiscal year 2013, many small businesses throughout the U.S. are currently updating their budgets, analyzing trends, and beginning to implement any necessary changes to existing benefits. As any small business owner knows, budgets are so fundamental that they essentially drive growth opportunities. Health insurance is one of the heaviest burdens for small businesses, as they must pay a higher price per employee than larger companies pay. For that reason, it is imperative that small business owners take every opportunity they have to effectively manage and readjust existing benefits programs where possible.

According to a report printed in the August 2011 American Economic Review, small businesses overpay for health insurance by 29%. Researchers largely attribute this disparity to an economic phenomenon known as "search frictions." Search frictions occur whenever consumers are unable to easily compare marketplace options for value. This difficulty in comparison shopping suggests that the health plan market is not truly competitive, and rather a marketing race. True competition would cause health plans of similar value to be offered at similar prices.

Knowing this about the current economic marketplace encourages small businesses to do their research when it comes to health insurance, as well as compare their plans frequently. Doing so provides several benefits. Analyzing and tweaking current benefits packages can save small businesses a lot of money, as well as provide better coverage for their employees. Better benefits can also work to both attract and retain the best talent, as many people weigh healthcare, life insurance, and retirement plans as a key part of their employment decisions. Also, businesses must take into consideration that as their company demographic changes over time, so will their premiums. As employee ages go up, costs do as well to cover cancer screenings, the possibility of long-term care.

Shopping around will help find the best plans offering better value. Georgia Group Health Insurance companies are prepared for plan comparison, and actually welcome it. "Our economic situation in recent years has become such that frequent health care plan turnover is in a small business' best interest," says Drew Holley, Vice President. "Though comparison shopping for healthcare in this market is difficult, the new fiscal year provides an out for employers that are paying too much for their benefits packages." One of the most effective ways to evaluate your company's current health insurance program and budget goals for the new fiscal year is to seek out Georgia small business health insurance brokers to help navigate the complexities of the health insurance marketplace. They are equipped to guide small businesses to a plan that offers them the best and most valuable benefits for their specific needs.

To learn more about Georgia Group Health Insurance, visit http://www.pg-ins.com.

About Providence Insurance Group:

Providence Insurance Group is a Georgia small business insurance provider. The company is focused on creating the ideal employee healthcare benefits for your business, no matter the size. Providence Insurance Group understands that quality healthcare coverage is an important factor for all employees and their families, so it endeavors to find plans for your company that will give it the competitive hiring edge.

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