(Are you paying attention small business owners? This is a TRUE STORY!) Imagine a scenario…you’re a small business owner of a lawn/gardening company. You want to do what’s right for your people, but your insurance premiums have gone up 20% each year for four years. The math just doesn’t add up and you cannot keep doing it the same way. You call a meeting with your employees and explain to them that you are going to have let 2 people go or not provide medical coverage for the employees any more. You just want to vomit every time you think of the situation and the impossible choice you have to make… But wait…this scenario is different. Before you have to make such a horrible choice, you hear about a new type of primary care practice. It’s a direct to pt practice, and you investigate. They have an insurance expert that helps you to hammer out a high deductible catastrophic policy and an ERISA health insurance plan for the company. You offer to pay half of the employees’ monthly fee of $50 to the practice while they cover the other half. Your group of approximately 50 people covered by this plan then go THREE YEARS(!) without an insurance claim. No claims for doctor visits, urgent care, ER, meds, labs, nothing. Your insurance premiums correspondingly drop SIXTY PERCENT. And you take an average of 70 thousand dollars of the yearly 100k in the ERISA plan and roll it over year to year to help re-fund it every year. Which allows you to take the $70,000/year you don’t use to fund it and put it somewhere else. Like the profit side of the ledger. You wonder why no one else has done this before…
Posted on: Thu, 30 Jan 2014 15:20:36 +0000
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