The Baskins-Robins “Pick Your Favorite Flavor” Approach To Health Care
By Ich Ra
Why not give your employees a choice of up to 86 different ACA approved plans through four (or more) different brand name insurance companies (instead of just one as you have now) while limiting your contributions to whatever your budget allows on a per employee per month basis?
Employers are at their wits end dealing with volatile group insurance. They are disparate for solutions such as gifting employees tax free money to purchase policies of their choice on the open market through payroll deduction. Employers decide what to contribute, limiting their costs within budgetary constraints. It can be any amount.
Here’s an example:
A large health care services organization ditched their traditional group plan. They switched to this plan approach instead. Their annual spend under their traditional group plan was going up from $12.7 million to $14.1 million. Under their new plan they decided to maintain their contribution of $12.7 million. This produced a savings of $1.4 million on renewal while still providing employees with no cost individual employee coverage.
Too good to be true? You decide.
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