Hello, and thanks for a great question.
A good place to start is http://www.njfamilycare.org. It is a great website that will let you know what HMO's are available in your area. Oftentimes, you can bypass an agent and get the best information and prices by calling directly.
I don't have a zip code for you in NJ, so I am unable to look up options for online comparison sites, but you can check out these sites and enter in your zip code:
www.ehealthinsurance.com
www.insurance.com
Some other ideas small business owners use to lower insurance costs are:
1. Medical Reimbursement Plans, as allowed in the tax code (section105), allow employers to reimburse employees for medical expenses. The business owner decides how much they are willing to reimburse and the employee finds their own individual medical insurance. These plans are tax-free for the employee and tax-deductible for the employer. This is a nice option for the employer because it allows them to offer a benefit without having to hassle with rising premiums. (If you want to look into this method, www.lowermybills.com is a fantastic site for finding the best individual or family plan health insurance)
2. Pass along any increases in rates or split the rate hike with the employees. Often employers will ask employees to cover 30% of their own premiums and 100% of the family's premium.
3. Small business owners can check into raising co-pays a few dollars, which can often lead to a 10% - 20% decrease in monthly premiums. Cutting out drug coverage for name brand medications can save close to 30% on premiums.
4. Switch to a high deductible plan, say $2,000. This can save up to 40% on premiums.
5. Health Savings Accounts
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Edited by M. Castillo on January 6 2007 at 7:38 PM
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