When small businesses (15-150 employees) were surveyed it was noted that the second highest fixed cost that they incurred was health insurance. However, when those same companies were asked what their employees used of that amount in claims, the answer was not provided. The reason for this is that insurance companies are not required to disclose the amount of the claims used to their small business clients that are placed in the states risk pool. The result of this is that small businesses continue to blindly pay the increasing premiums and are forced to make the tough decisions on whether or not to continue their current contribution amounts or force their employees to pick up more of the tab.
The good news is that this is not the only way. A new way of providing health insurance benefits has arrived in Florida. The benefits consulting group I represent performs their own risk analysis of a company to remove them from the states risk pool. This service is free of charge. The benefit of this analysis is that upon qualification the individual companies will be in control of their own money again. They will be provided with a health insurance, that in most cases increases their benefits without an increase in premiums. That's just part of it. The qualifying company will see a monthly statement that shows the exact amount of claims they've used monthly and year to date. At the end of the year the unused potion in the claims funds are the employers to use. This could be the difference in paying Christmas bonuses or even keeping the doors open for the next year.
If you are a small business owner that is frustrated with the increasing cost of heath insurance in Florida and is in need of a solution that not only helps immediately but provides for a long term solution as well please feel free to email me and we can discuss this further.