Is your current group health plan paying your company "a Yearly Refund" of unused claims premium?
Risk free ERISA health plans for small employers under 50 in size are rapidly become quite popular across the nation. In 2018 the Minnesota legislature approved statue 62H.18 which now allows groups under 50 in size to participate in the low cost, yearly refundable products, "level funded ERISA plans". (by removing the $4,000 x's the number of group members requirement.)
In an ERISA Level Funded Plan, unused claims dollars are where additional savings and refunds come from. Groups under 50 in size that choose a risk free level premium ERISA plan 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!
Can also accommodate lesser use circumstances such as:
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 low, average and high claims 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 for decades that healthcare costs and health insurance company profits are far more than they should be. Seem like most 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 as a solution. (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 ERISA self funded (really large groups) or ERSIA level funded risk free or partially self funded plans for those not so large.
Until recently in the small group plan market (groups of 3 to 50+) the option of a risk free level funded partially self funded program has not existed.
While most smaller groups have moderate to lower claims experience they continue to pay excessive premium for traditional fully insured group health plans when they might easily be able to save thousands and thousands of dollars with an ERISA risk free level premium plan.
Which begs the question what is the best health insurance for small business owners?
Many agents dismiss the credibility and value of an ERISA plan for small employers as "risky". Why?
Likely a simple lack of education on the subject as a smaller percentage of creative carriers are now entering the market. (Most fully insured carriers choose to avoid the ERISA arena as it would cherry pick their highly and moderately profitable groups which cause a disruption in fully insured pricing.
The fact is, "any covered risk above the claims account is covered 100%" by the stop loss coverage and reinsurance limits which are "insured and guaranteed" in the ERISA plan just like a fully insured plan.
To the employer and employee an ERISA plan looks, feels and acts just like a fully insured plan, but with SAVING.
It is to your advantage to request a quote and see why an ERISA level funded plan is the best health plan for small business owners.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.
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.