Recently we were working with a small company that had three people on their health insurance:
- Single
- Employee and Wife
- Employee, Wife and 3 children
They currently had a $1,000 deductible plan and the monthly premium was going to be approximately $3,300 per month at renewal. We recommended that they switch to the $3,000 deductible plan which was approximately $2,700 per month, however, since the group was healthy, have very few claims and had no expected claims the next 12 months. Why not keep the $600 per or $7,200 in-house rates then send to the insurance company.
How did the employees feel about the increase from $1,000 to $3,000? The employer installed an HRA (Health Reimbursement Account) that limits the employee exposure to the same current $1,000, while reimbursing any amount incurred past the $1,000. Keep in mind the employer has $7,200 in savings to fund any claims the employees have through the HRA. The fact that they recognize that employee health is such an important thing is great to see though, and businesses looking to learn why this is so important may wish to read this article to get some more insight into this particular topic. The bottom line is that if you are a small employer in good health, you need to look at funding the health insurance needs of your and your employees creatively. You can do your research on health insurance companies in jacksonville fl, or wherever your employees/business is based, to make sure you are going with the right people and doing what is best for everyone involved.
If you would like Advantage Benefits to review your current health insurance plan, send me an e-mail. We represent all the major health insurance carriers.
