Learn about actual and potential costs
How much should I pay for Group Health Insurance?
What is the average price of Group Health Insurance?
This procurement report includes pricing information to help you purchase Group Health Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Group Health Insurance been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Group Health Insurance yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Group Health Insurance?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Group Health Insurance with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
Among the estimated 1,100 health insurers in the US market, the top four players account for slightly less than 50.0% of total market revenue, signaling a moderate level of concentration. Moderate concentration stems from substantial consolidation among health insurers. Mergers and acquisitions are driven by an insurers' desire to achieve... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
What is the process for submitting a claim?
How long on average does it take your company to pay claims?
Will you provide monthly reports detailing new claims and enrollees?
What are the processes for disputing a claim?
How did your claim turnaround and accuracy performance for the past 12 months compare to the standards you have set for your company?
How has the coronavirus outbreak affected your ability to pay claims on time?
What options do members have in terms of home delivery pharmacy?
Does your company provide a 24-hour medical information hotline connecting plan participants with registered nurses?
What other types of insurance do you offer? Can I earn a discount by purchasing multiple policies?
To what extent do you offer any wellness programs for individuals covered under your plan? Do they come at any cost to participants?
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Key elements for every RFP
What should my RFP include?
Vendors should include a detailed breakdown of their premium rates, deductibles and other costs.
Buyers should outline any other costs for which insurers are responsible (e.g. mailing).
Buyers should evaluate insurers based on their costs, including premium rates, rate guarantees and rate caps.
Buyers should evaluate the quality of insurers' plans (adequacy and scope of network physicians, hospitals within different plan types, covered events, etc.).
Buyers should evaluate the insurers' experience, as well as their financial performances.
For other selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should include the date when proposals are due and any other relevant dates (e.g. presentations or final interviews) prior to the contract award.
Buyers should include the date when the contract begins and ends, as well as any options for contract renewal.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The supply chain risk for group health insurance is moderate. Providers of health insurance coverage rely on custody, asset and securities service providers, portfolio managers, reinsurance providers, office supply wholesalers and healthcare providers. In particular, securities service providers and portfolio managers present moderate supply chain risk because they manage the... Subscribe to learn more.