Saturday, September 14, 2013

Have a Group Health Care Plan? You're Probably Paying Too Much

The health care insurance landscape is upside down.   If your strategy is group health care insurance, you're on the expensive, limited options track.  Group health care insurance is going away, and you may be contributing to its short-term survival (at your expense).
Have you recently heard from your group health provider that you should accelerate your rate renewal to December?   Doesn't that raise some questions in your mind?  Why would they be doing that?   Important:  A rate renewal is just that - you can change your coverage at any time without penalty.  You're not committed to anything through the next renewal period. 

Here's an article that will blow your mind (written from employees' perspective):  Why an employee may ask you to drop health insurance

Yes, some of your employees (and you) may actually be better off without group health insurance provided by the company.  There are much better and cheaper ways now available to provide health coverage for your employees.      

In other cases, offering the minimum required coverage under the Patient Protection and Affordable Care Act (Obamacare) may neither protect them nor be affordable, but may be the lowest-cost option for the company.  Optimally, you could construct a plan whose pricing was such that your lower-paid employees would be eligible for very low-cost, subsidized coverage under an Obamacare exchange.  
Take the time to explore your options.   One you should consider is your own self-directed health care plan.  Give your employees the coverage they need, at a substantial savings.  Here's an overview of that option:   

If profit dollars or your employees' own health care costs matter to you, have a look.   If not, don't worry about it.

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Terry Weaver

Chief Executive Boards International

Chief Executive Boards International: Freedom for business owners & CEOs -- Less Work, More Money, More Freedom to enjoy it

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