Health insurance costs have become way too expensive today, and an estimated 86% of insured never meet their annual deductibles, while paying through the nose for health insurance premiums. We offer a simple solution that our founder, Jeff Sokol, has personally used (and still uses today), to replace health insurance with better coverage, for less than half the cost. This plan, individually placed and shared with each employee, will save your company thousands of dollars annually.
For example, if you are spending $20,000/month in health coverage costs, we could show you a way to dramatically reduce that number monthly, and free up some cash for more important things. Remember, there's an 86% chance that your employees will never meet their deductible. Let's reduce that deductible, increase their coverage, and save your company money in the process.
The cost of health coverage for a family used to be reasonable, at around $500/month or so for the average family, with part of that being paid by the employer, and part being paid by the employee. Though this seemed high at the time, the prices of escalated to much higher than that after Obamacare went into full effect. For a young family of 4 or 5, the costs of health insurance can exceed $1500/month for healthy adults in their mid-thirties, with children. The monthly cost is only part of it, with unreasonably high annual deductibles, in some cases over $10,000/year. It seems ridiculous, doesn’t it?
Doesn’t it seem a bit much to pay that much money for mediocre coverage, which probably doesn’t include prescriptions, may not cover maternity, and that only a catastrophe will get you to meet your deductible? Well, there’s a solution that this author has found, and uses for his family.
There are medical sharing programs out there which will allow you to participate in full health coverage, based on a sharing system, rather than actual “insurance”.
For my family of 5, consisting of my wife and I, with 3 children, we pay a total of $450/month for the Gold Plan, unlimited coverage. An individual like my father, aged 61, gets unlimited medical coverage for only $150/month on the Gold Plan. Deductible for the Gold Plan is only $500 per incident. Or, if you can negotiate the hospital bill lower, that will count toward your deductible as well. Great deal!
This type of coverage is a lot cheaper than typical insurance, but is not used for the everyday sniffles and checkups. This doesn’t offer a copay on those things. However, with the money you’re saving, does it really matter?
With the last “job” I had, I was offered insurance for my family with Blue Cross. They wanted $850/month for my cut, and I was still left with a 40% copay, after my $10,000 deductible. Absolutely horrible coverage options are a plague in today’s health insurance markets. This is what many smaller employers are faced with today, and you may be experiencing similar issues.
COVERAGE PROVIDER STATS:
Over 20-30 years in Business
Paid Out Over $1 Billion USD in Claims
Low Deductibles (either $500/incident or $1500 annual total/family)
Reduce Coverage Costs by over 65%
Excellent Maternity Coverage
Example 1 (BEFORE PLAN IMPLEMENTATION):
ABC Company has 40 employees. Average health coverage per employee is approximately $1000/month, as we’ll assume only 50% have families, and 50% are single.
Monthly Premium: $40,000/month
Cost to employee: $500/month with a 50% split
Cost to Company: $20,000/month
Annual Deductible: Average of $2500-$5000
Amount of Deductible they actually meet on average: $1200
Example 2 (AFTER PLAN IMPLEMENTATION):
ABC Company still has 40 employees, Average health coverage per employee is $300, also assuming that 50% are single and 50% have families with at least 3 covered individuals. We’ll assume that all employees opt for the highest plan, the unlimited coverage Gold Plan, where the cost is $150/covered member, up to a maximum of $450/month, no matter how many members are in the family.
Monthly Premium: $12,000
Cost to Employee: 50% split, average of $150/month. (savings of $350/month)
Cost to Company: $6,000/month
Annual Deductible: up to $500/incident or $1500 total annual deductible, depending on plan
Monthly Savings to ABC Company: $14,000/month
Annual Savings After Plan Implementation: $168,000 in Annual Health Coverage Savings
As you can see from this example there is a better way, and if you are an employer, or an employee that isn’t satisfied with the type of coverage you have, BeneShield can help.
Jeffrey D. Sokol, owner