Woodworking Business

You are not logged in. [ Login ] Why log in
(NOTE: Login is not required to post)

Employee Health Benefits

11/3/20       
Anon Member

I'm in the process of exploring small group health insurance for the first time and finding myself a little frustrated with the process.

I feel like I'm jumping through hoops constantly. Is this normal the first go around, or do I have the wrong broker?

Who are you guy's using and how easy was it to implement?, it doesn't seem like it should be this much of a struggle. Any tips or leads appreciated here.

11/4/20       #2: Employee Health Benefits ...
Economics101 Member

I used to sell such small group plans (and "large" group meaning 10+) many, many, many years (and about 4 businesses) ago -- as in the mid-70s. Sold this stuff by the truckload to businesses of all types employing 2 up to maybe 1,000 employees.

Including to cabinet shops and many other relatively small manufacturers and employers. Like printers, real estate agents, wholesalers, even an aircraft parts chromium plater who did 747 flap-forks.

It was routine. I could literally walk in your door -- cold -- and if you wanted one of the many plans I offered as a broker, you could sign the application, write a check for the first month's premium, send your employees in to see me for a few minutes each to complete the minimalist enrollment card, and we'd be done in an hour.

These small group plans were all multi-employer group trusts with hundreds or thousands of participating small employers. Minimal underwriting, mainly to make sure that there were real employer-employee relationships and it wasn't some sham concocted just to buy small group health coverage.

As an aside (and this will make everyone a little sick) the generally best plan was one that would have a monthly premium of about $6 for a single male under 30.

Female rate about $7, family rate around $25. Rates for older ages went up of course, but the highest family rate I recall was about $60 for age 60-64. Single male 60-64 was maybe $30.

That got you a $100 per person annual deductible, 80% payment of the next $2,000 and 100% of the unlimited excess. So, no first-dollar coverage, but an annual out-of-pocket maximum of $500. Usual and customary charges covered.

Any group of 2 to 10 could buy this. If you got over 10 I'd have to go shopping for "large" group coverage for you. Much wider market and totally flexible benefit-wise.

I know -- those prices are unbelievable -- but they were real. This back in the days when state governments were just getting into the business of requiring this, that and the other thing (that almost nobody cares about) to be covered. Then the Feds got involved.

I can't comment on today's environment other than to suggest finding an independent broker who can 1) offer you many different plans and 2) doesn't care which one you choose.

Different underwriters and insurers have different requirements -- some more onerous and with many more hoops to jump through than others. Unless you want to spend time with 10 or 20 different agents, find a good broker.

I used to show a prospect a couple of low-cost plans, a middle cost plan and a high end plan. A simple spreadsheet, I typed them individually. With maybe 10 lines of benefit summary and a premium total based on the employee ages/coverage status that I had gotten a week or two ago.

I didn't care what they picked, they were all from good underwriters and whichever carrier was selected was going to pay me. A little more, a little less, didn't matter, what was important was that the client got what he wanted and also understood that was the primary thing -- I was on his side of the fence, not any particular insurance company's.

Of course, most chose one of the low-cost options. As I would have myself and usually recommended if asked.

11/4/20       #4: Employee Health Benefits ...
Paul Downs

Econ 101s story is interesting but irrelevant. The particulars of how you provide this are going to be dependent on where you are. So: what state are you in? Are you near a major city? And how many employees are you trying to cover?

And to answer your other questions, it's moderately complex here in PA, and discouragingly expensive.

11/4/20       #5: Employee Health Benefits ...
David R Sochar Member

In the 90's, I grew my business so we could have enough employees (more than 3) to have insurance. We paid for the employee 100%, and 20% of family if they wanted it. The plan was good, I did not have be involved, and the employees thought it was great. They mostly had no claims. Wife and I had two heart caths. I had more heart stuff. The total cost to insurance company for 10 years was less than $200,000.
Our premiums started out low, and every year, we got the maximum State increase - 12 -15%. So, after 10 years, we were paying huge rates. We had to be treated as a private individual since my state did not allow small groups to band together for better rates. We started out with rates like 112 per month for 6-7 people.

By the time we were cancelled, we were paying over $3500 per month. Cancelled - why? Because with the coming Crash, we laid off one guy. That made us a too small group, and so they cancelled us. In fact, they reached back 90 days and tried to get out of paying for anything in those 90 days!

We paid in almost $400,000 in 10 years. We hit the insurance companies $150,000 line and they sought to cancel us. Talk about a nice margin! Finally, when I had to let a person go, they cancelled us.

I feel that private insurance is a scam, and should be made illegal. We do not need insurance of any kind. We do need health coverage, and that is easy to do compared to trying to provide insurance for everyone.

11/4/20       #6: Employee Health Benefits ...
Bruce H

I had paid insurance for my employees for awhile. got tired of the continual raise in premiums so canceled and paid the money to the employees to find their own.

11/4/20       #7: Employee Health Benefits ...
Derrek

I have used a professional employment organization aka PEO since the beginning over 20 years ago. For a very small fee they handle
Payroll and payroll taxes
Shop out and find the best workers comp
Have multiple providers and plan options for healthcare and helped us implement a 401k at our company.
They charge a small % of my payroll to provide this service.
For health insurance, I pick a base plan and what percentage I will pay of it. Employees have options to choose other plans and pay difference.
They also take care of terminations for us if needed to make sure it’s all done properly. Basically we have outsourced all of the HR functions at our company and freed up a lot of hours that it would take to manage all of it.
If your in California my company is CSL website www.cslweb.com

6/8/21       #9: Employee Health Benefits ...
DaveG

I understand your feelings so much. Getting health insurance is becoming more and more difficult in the US. So much paperwork, so many nuances you should learn, and a lot of money you should pay for gathering docs. I think our healthcare system needs to be reformed, but our corrupted politicians don't care about us. And not only that, but you should wait for a long time to get proper treatment. But some private medical centers adopt time management software that can make the problems less annoying. Still, we need to do smth with our healthcare.

Source:

https://www.iinsight.biz/

7/8/21       #10: Employee Health Benefits ...
LIliB Member

Hello buddy, I hope you're going nice, of course, it's normal, very few people can find a good broker for health insurance, but it's not such a big problem... I use health insurance which was advised to me by my brother two years ago iinsight.biz. If you compare the price and quality is ok. I don't know how my brother found this company, but I decided to trust him and so far I haven't run into any difficulties, I just try to look after myself and you should do so.

iinsight.biz


Post a Response
  • Notify me of responses to this thread
  • Subscribe to email updates on this Forum
  • To receive email notification of additions to this forum thread,
    enter your name and email address, and then click the
    "Keep Me Posted" button below.

    Please Note: If you have posted a message or response,
    do not submit this request ... you are already signed up
    to receive notification!

    Your Name:
    E-Mail Address:
    Enter the correct numbers into the field below:
     

    Date of your Birth:



    Return to top of page

    Buy & Sell Exchanges | Forums | Galleries | Site Map

    FORUM GUIDELINES: Please review the guidelines below before posting at WOODWEB's Interactive Message Boards (return to top)

  • WOODWEB is a professional industrial woodworking site. Hobbyist and homeowner woodworking questions are inappropriate.
  • Messages should be kept reasonably short and on topic, relating to the focus of the forum. Responses should relate to the original question.
  • A valid email return address must be included with each message.
  • Advertising is inappropriate. The only exceptions are the Classified Ads Exchange, Machinery Exchange, Lumber Exchange, and Job Opportunities and Services Exchange. When posting listings in these areas, review the posting instructions carefully.
  • Subject lines may be edited for length and clarity.
  • "Cross posting" is not permitted. Choose the best forum for your question, and post your question at one forum only.
  • Messages requesting private responses will be removed - Forums are designed to provide information and assistance for all of our visitors. Private response requests are appropriate at WOODWEB's Exchanges and Job Opportunities and Services.
  • Messages that accuse businesses or individuals of alleged negative actions or behavior are inappropriate since WOODWEB is unable to verify or substantiate the claims.
  • Posts with the intent of soliciting answers to surveys are not appropriate. Contact WOODWEB for more information on initiating a survey.
  • Excessive forum participation by an individual upsets the balance of a healthy forum atmosphere. Individuals who excessively post responses containing marginal content will be considered repeat forum abusers.
  • Responses that initiate or support inappropriate and off-topic discussion of general politics detract from the professional woodworking focus of WOODWEB, and will be removed.
  • Participants are encouraged to use their real name when posting. Intentionally using another persons name is prohibited, and posts of this nature will be removed at WOODWEB's discretion.
  • Comments, questions, or criticisms regarding Forum policies should be directed to WOODWEB's Systems Administrator
    (return to top).

    Carefully review your message before clicking on the "Send Message" button - you will not be able to revise the message once it has been sent.

    You will be notified of responses to the message(s) you posted via email. Be sure to enter your email address correctly.

    WOODWEB's forums are a highly regarded resource for professional woodworkers. Messages and responses that are crafted in a professional and civil manner strengthen this resource. Messages that do not reflect a professional tone reduce the value of our forums.

    Messages are inappropriate when their content: is deemed libelous in nature or is based on rumor, fails to meet basic standards of decorum, contains blatant advertising or inappropriate emphasis on self promotion (return to top).

    Libel:   Posts which defame an individual or organization, or employ a tone which can be viewed as malicious in nature. Words, pictures, or cartoons which expose a person or organization to public hatred, shame, disgrace, or ridicule, or induce an ill opinion of a person or organization, are libelous.

    Improper Decorum:   Posts which are profane, inciting, disrespectful or uncivil in tone, or maliciously worded. This also includes the venting of unsubstantiated opinions. Such messages do little to illuminate a given topic, and often have the opposite effect. Constructive criticism is acceptable (return to top).

    Advertising:   The purpose of WOODWEB Forums is to provide answers, not an advertising venue. Companies participating in a Forum discussion should provide specific answers to posted questions. WOODWEB suggests that businesses include an appropriately crafted signature in order to identify their company. A well meaning post that seems to be on-topic but contains a product reference may do your business more harm than good in the Forum environment. Forum users may perceive your references to specific products as unsolicited advertising (spam) and consciously avoid your web site or services. A well-crafted signature is an appropriate way to advertise your services that will not offend potential customers. Signatures should be limited to 4-6 lines, and may contain information that identifies the type of business you're in, your URL and email address (return to top).

    Repeated Forum Abuse: Forum participants who repeatedly fail to follow WOODWEB's Forum Guidelines may encounter difficulty when attempting to post messages.

    There are often situations when the original message asks for opinions: "What is the best widget for my type of shop?". To a certain extent, the person posting the message is responsible for including specific questions within the message. An open ended question (like the one above) invites responses that may read as sales pitches. WOODWEB suggests that companies responding to such a question provide detailed and substantive replies rather than responses that read as a one-sided product promotion. It has been WOODWEB's experience that substantive responses are held in higher regard by our readers (return to top).

    The staff of WOODWEB assume no responsibility for the accuracy, content, or outcome of any posting transmitted at WOODWEB's Message Boards. Participants should undertake the use of machinery, materials and methods discussed at WOODWEB's Message Boards after considerate evaluation, and at their own risk. WOODWEB reserves the right to delete any messages it deems inappropriate. (return to top)


  • Forum Posting Help
    Your Name The name you enter in this field will be the name that appears with your post or response (return to form).
    Your Website Personal or business website links must point to the author's website. Inappropriate links will be removed without notice, and at WOODWEB's sole discretion. WOODWEB reserves the right to delete any messages with links it deems inappropriate. (return to form)
    E-Mail Address Your e-mail address will not be publicly viewable. Forum participants will be able to contact you using a contact link (included with your post) that is substituted for your actual address. You must include a valid email address in this field. (return to form)
    Subject Subject may be edited for length and clarity. Subject lines should provide an indication of the content of your post. (return to form)
    Thread Related Link and Image Guidelines Thread Related Links posted at WOODWEB's Forums and Exchanges should point to locations that provide supporting information for the topic being discussed in the current message thread. The purpose of WOODWEB Forums is to provide answers, not to serve as an advertising venue. A Thread Related Link that directs visitors to an area with inappropriate content will be removed. WOODWEB reserves the right to delete any messages with links or images it deems inappropriate. (return to form)
    Thread Related File Uploads Thread Related Files posted at WOODWEB's Forums and Exchanges should provide supporting information for the topic being discussed in the current message thread. Video Files: acceptable video formats are: .MOV .AVI .WMV .MPEG .MPG .MP4 (Image Upload Tips)   If you encounter any difficulty when uploading video files, E-mail WOODWEB for assistance. The purpose of WOODWEB Forums is to provide answers, not to serve as an advertising venue. A Thread Related File that contains inappropriate content will be removed, and uploaded files that are not directly related to the message thread will be removed. WOODWEB reserves the right to delete any messages with links, files, or images it deems inappropriate. (return to form)
    Sponsors
    • OMEC/Macoser Inc
      Exclusive Importer of European Woodworking Machinery Since 1988
    • Cabinetshop Maestro
      Web-Based Project Management Software for Custom Cabinet Shops - Manage Jobs from Prospect to Punchlist Through Scheduling, Task Management, Time Tracking and Communication
    • Rangate
      Woodworking Machinery, Supplies and Knowledge
    • ULTI-BOARD
      The Ultimate Spoilboard - ULTI-BOARD - Specifically Engineered and Formulated for the Ultimate in Spoilboard Performance - Not Your Ordinary Sheet of MDF.
    • Machine Bid
      Online auction site for buying and selling high-quality machinery. We offer a secure, online bidding platform, featuring CNC routers, Edgebanders, Sanders, and much more; new equipment added daily
    • INNERGY
      INNERGY is the ERP for woodworkers, by woodworkers. We are birth to death millwork.
    • Air Handling Systems
      Your Best Source for Dust and Fume Collection
    • WoodJobs.com Search Consultants
      Free Employment Service for Woodworking Related Job Seekers
    • Parts Cutter CNC
      CNC Cabinetry and Closet Parts
    • TradeSoft
      Seamless Management Software to Improve Estimating, Job Costing, Scheduling, Purchasing, Shipping, and Shop Floor Data Collection
    • TradeJobPlacement.com
      Individualized Placement Services, Specializing in Millwork Design Engineers
    • Better Vacuum Cups, Inc.
      Vacuum Cups for All CNC Routers As Well As Many After Market Parts for Your CNC
    • Impact Search and Placement
      Professional Employment Recruiting Specialists

    Become a Sponsor today!