Is this considered small business self-funded health insurance?
Yes – but we’re so much more than that. More accurately, we like to say it’s “owning your own plan.” As we’ll explain when we meet with you, our method is no more self-funding then what you do with traditional plans, which in reality has you prepaying or paying as you go.
The choice is to write a check every month and pay premium prices while still not knowing your cost, or let us work for you to save up to 40 percent from traditional employee health plans.
Is this going to be more work for us?
Generally, no. The question that should be asked is, “what more can I do to get stability and savings?”
In some cases, there are some additional minor accounting necessary, but our staff teams up with clients and makes it easy. (This issue is addressed in the video testimony of one of our clients, National City Bank – watch it here.)
Can I keep my doctor?
Yes! If you own your plan, you maintain that option.
What are some other facts to consider?
- As an employer, you essentially prepare for a monthly office visit for each person you insure every year. The average person in a group will visit the doctor only three to six times a year, or even less.
- About 20 percent of your insured employees will not incur any medical expenses during a year.
- Traditionally 40 to 60 percent of those insured will purchase one or more prescriptions each year. About 40 percent don’t buy any prescriptions.
- You could prepay for expenses for every person who works for you as required by traditional plans … but that’s not what large employers do … and our clients certainly don’t!
- Don’t prepay for basic medical services at double-digit increases, which is what happens when you hire a health insurance company. Get the full accountability on what your money is being spent on which you get with us.
- You can pay “retail” prices with traditional plans, or pay “wholesale” with our affordable group insurance plans for small business.
Stop Paying for What You’re Not Using!
What’s the math on all this?
- Only 1/3 or fewer of your total insured will incur $1,000 or more in medical services in any given year.
- Zero to 10 percent of your insured will incur $5,000 or more in any given year.
- Zero to four percent will incur $10,000 or more in any given year.
- Zero to two percent will incur $20,000 or more in any given year.
| % of Employees | Average Medical Expenses |
| up to 30% | $1,000+ |
| up to 10% | $5,000+ |
| up to 4% | $10,000+ |
| up to 2% | $20,000+ |
If you continue to give total ownership of your program to insurance companies, you’ll never control costs.