Group Health Benefits
…is what most employers says they want from their plan.
A benefit plan can do this and so much more.
Many business owners see a benefit plan as an expense.
We help you realize a benefit plan is an investment.
Help set your corporate culture
Tell you about the health of your employees and their families
Reduce absenteeism and presenteeism to help your employees be more productive.
One of our very wise clients said it best:
“The goal for our benefit plan is that our employees should show up to work, happy, healthy & ready for work”.
Every year you pay a premium. The first-year premium is an amount created by an insurer designed to make as much income as possible for themselves, while winning your business. Many benefit plans set first year premiums low, so that these plans seem attractive. All renewals include these fee factors:
- Expected and historical claims payout
- Administrative and overhead costs
- Broker or advisor fees
- Reserve amounts. These are required by law to account for possible future payouts for claims, mostly established in a plan’s first year
- Stop loss amount. Stop loss caps your cost of claims and helps keep premiums low in special cases where you have high claims
- Cost of living
While first-year costs are important, group benefits are normally a long-term investment. Low upfront costs don’t always equal low costs in the end. So, consider renewal premiums too.
Did You Know?
As of 2021, 3% of employees spend more than $10,000/year on medication.
Many medications cost $10,000-$100,000+ annually
The great thing about group benefit plans is that they are the only form of insurance where you pay
for what you use, and that use can be reported to you.
We recommend that you find an advisor to help you with the process. If you want to know more about an advisor vs. a broker click here.