Does your current Small Business Health Plan offer a yearly "Return of Premium"? ..
.. WHY NOT? - OURS DO!
Flexible ACA benefit compliant plans easily compare to your current group plan's design. From benefit rich designs to high deductible plans even HSA compliant plans offering: Copays, Deductibles, Coinsurance, Out-of-Pocket Maximums and Prescription Copays.
These risk free Partially Self Funded Plans for groups under 50 in size have recently become quite popular over the last several years nationally. In 2018 the Minnesota legislature passed new legislation that allows groups under 50 in size to participate in the low cost, yearly refundable products known as ERISA Partially self funded plans.
In a partially Self Funded Plan, unused claims dollars are where big savings and refunds come from.
Groups under 50 in size that use partial self funding can see enormous premium advantages from:
Medically underwritten groups = lower claims plus
stop loss / reinsurance (for the unexpected large claims)
makes the partially self funded plan an instant Win Win Win!
All occupations - 1099 groups - Multiple state location employees,
Management only, Clerical only, Manufacturing only etc. can be considered for best health insurance for small business owners
Rochester, MN - Phoenix, AZ - Jacksonville, FL
Regardless of your chosen PPO network.
(*Offered with all NGBS Advantage Plans)
Many small businesses can now easily reduce health insurance costs.
Issued to "average to low" claims use groups.
ACA benefit compliant.
Rates tend to be lower, medically underwritten.
Any unused claims dollars. Refunded yearly.
Issued to healthy and unhealthy groups.
ACA benefits, underwriting, issue & rate compliant.
Rates tend to be higher, no medical underwriting.
Premiums paid are premiums earned. No refunds.
Most Fully Insured plans are rate guaranteed for 12 months however an employer may leave at any month end by prior written cancellation or discontinuing premiums.
(Never cancel your group plan or discontinue premiums without considering all options.)
The cost of employer sponsored health plans for groups have long been considered overpriced by many small business owners and their employees. With little exception these business owners have long been at the mercy of pricing influences such as benefit levels, doctor and hospital networks, state mandates, Affordable Care Act regulations (ACA), Drug companies costs, insurance company profits and more.
It is and has been a widely accepted opinion that healthcare costs are far more expensive should be and healthcare related corporations are some of the highest profit earners yearly, often makes payers of healthcare insurance think there must be a more creative way to lower health care costs than what is currently offered by the ACA. (and there is .... if your group experiences moderate claim usage on a normal year).
Thankfully large groups 50+ have long had the advantage of lower costs. One being the choice of fully insured insurance plans or the option of self-funded plans to reap the benefits of lowering cost by reducing administration expenses, purchasing stop loss or reinsurance for larger claims at a specific dollar amount and using a predetermined claims fund of premiums for all claims below the stop loss / reinsurance amount. Today approximately 66% of employees in the groups are already in a self funded (really large groups) or partially self funded plans for those not so large.
Today in the small group plan market (groups of 3 to 50) the option of a partially self funded program has not existed. However these smaller groups that have moderate to lower claims experience could easily be saving thousands and thousands of dollars. Which begs the question what is the best health insurance for small business owners?
When considering the limited options of conventional product offerings by the insurance carriers who control the small group market it could be to a small employers benefit to get a quote on a self funded plan and see just how much premium could be saved by both the employer and employees of a healthier group.
Many agents dismiss the credibility and value of a self funded plan to small employers with a healthy group as "risky". The fact is, any risk above the claims account "is covered" by the stop loss coverage and reinsurance limits which are "insured and guaranteed" in the plan just as a fully insured plan.
It is to your advantage to request a quote and see why a self funded plan is the best health plan for small business owners.
We offer the best health insurance for small business owners and hope you will provide us a completed group census form so your group can start saving premium today plus receive a yearly refund of your unused claims that are prepaid in your monthly premium.
8421 Wayzata Blvd, Suite 225
Golden Valley, MN 55426
800-868-2333 - CST Business hours.
This website is owned by Health of America Insurance Agency.
Census information will never be shared with anyone outside of bidding and quote gathering.