Employee Benefits and Retirement Planning

RE: Health Insurance: Examining the Options, Controlling the Costs

Concerns — Sun, 23 Dec 2007 06:43:49 GMT

The article pretty accurate.

No doubt health care insurance has gotten more like a rocket science. For example, one of my clients last week said to me, "How do you keep up with all of this?" This is my specialty. I work with the full range--from individual health insurance to group guaranteed and legally sheltered financial services. As inflation takes its course and as our economy unravels, no doubt I've generally seen benefits trimmed down and/or premiums increase. The individual incomes generally has remained leveled if not reduced. I've seen "successful" business shut their doors. I'm seeing people coming out of their group retiree health insurance plans because the premium is too high or they find out they can get better benefit and lower premium w/ individual Medicare Supplement and/or privatized Medicare insurance combination plans...it's also most interesting to see how the financial services aspect of my business is increasingly tied together with my healthcare insurance aspect in terms of my clients need to plan for taxes and safety.

What many don't realize is that often group plans are benefit rich and have more state mandates to protect small group employees than individual health insurance plans. So group plans tend to've higher premiums as a whole yet when you compare benefit to benefit, you can see where the higher premiums are born. It's generally about putting a price on the insurance providers' risk exposure. Having said that, there are exceptions w/in both individual and group plans. A good broker will be able to point the differences as is appropriate to your state of residence.

At this point in my practice, I don't know if the number of years of experience a broker has makes much of a difference. We are in an ever evolving industry. New products come out almost in a consistent basis. I would say look for a selfless, research and detail oriented independent agent who represents multiple carriers to best meet your individual to group asset management needs. Having a good healthcare insurance is part of your asset management need. Further, most often, I meet employers who do not take advantage of the Cafeteria plan too which allows you to use pre-tax dollars to pay health insurance premiums. The Fed has made it available to you to save on taxes--take advantage of it. Some supplemental insurance carriers offer to adminster IRS' Section 125 Cafeteria plans at no additional cost to the employer....So with the right broker, you can have prudent and sustainable asset management policies in place to manage your healthcare to safe and guaranteed financial planning needs. Unfortunately, there's no school that I'm aware of that manufactures such individuals. It just takes the special desire to keep up with the ever evolving multiple policies that are out there...each state has its own insurance mandates. I wish to see certain exclusions to be regulated at a higher level...but that's something citizens must collectively address.

RE: Health Insurance: Examining the Options, Controlling the Costs

LUCKIEST — Sat, 01 Dec 2007 23:26:37 GMT

This is one of the best and complete articles that I have read on
Health Costs. The article covers so many topics and has such great answers.
As a SCORE counselor, we always talk about health and insurance costs,
both what an individual will be giving up leaving his / her present job
and what it will cost when starting a new business.
Like the Insurance Guy said, all new businesses need an Accountant,
An Insurance Agent, A Lawyer, and a Bankers. LUCKIEST

RE: Health Insurance: Examining the Options, Controlling the Costs

Insurance Guy — Sat, 17 Nov 2007 00:36:59 GMT

Excellent Article. Don�t forget your insurance agent. With Health Insurance the price is the same whether you have an Agent represent you or if you work directly with the Insurance Company. An experience Insurance Agent is an excellent resource when you need one, no different than your Attorney or CPA. You can pay for experience; so, look for an agent with at least 15 years experience to represent you, especially since it is at no cost. Agents get paid to scour the market for the right plan; for you, your family and your business. Take advantage of it.

RE: Health Insurance: Examining the Options, Controlling the Costs

BDS INC — Thu, 01 Nov 2007 18:06:27 GMT

This is one of the best articles I've read on this site! Health care costs are ridiculous.

RE: Health Insurance: Examining the Options, Controlling the Costs

akgold — Wed, 31 Oct 2007 22:25:00 GMT

This article is excellent. The choices for health insurance for small business seems so confusing and this article really lays out the groundwork for key options. It is clearly and well written and I am going to read it again!