In fact, a new poll released last week by Rasmussen Reports (Click here to view) , shows that 61% of voters want Congress to throw out the existing bills and start all over again! 54% say to wait on this topic until after the congressional elections in November. Even if the bills were passed today – true reforms don’t kick in until 2013. That certainly isn’t going to help Joe the Plumber’s small business who just got walloped with a 20% insurance increase effective March 1st!!
So what does a business owner do? Certainly not wait for the government to come to the rescue. Call your insurance broker or find a new one with creative ideas to help your business control these insurance costs. The group health insurance marketplace is coming out with new and creative ideas all the time. Joe the Plumber doesn’t have time to learn all about these programs, but his broker does – or he better otherwise Joe will find a broker who does understand them.
New prescription plan riders, creative hospital co-pays and dual option plan designs are simple approaches that many businesses have yet to implement. The Consumer Driven Healthcare plans have been around since 2004. Have you taken advantage of the lower premiums and tax savings that come with Health Savings Accounts (HSAs)? How about reducing your premium in exchange for sharing the cost of a deductible with employees by implementing a Health Reimbursement Arrangement (HRA)? Go further and explore self funding your prescription plan or medical plan.
You say you have done all of these things and more, and still looking for relief? Although they make up a smaller portion of your employee benefit costs, have your broker work on the rest of your benefits, dental, life, disability, vision…..the list goes on.
So don’t wait around – take action now. Or call me and I’ll be your new broker and do the work for you.
Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.
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