Why You, the Business Owner are Partially Responsible For Your Increased Healthcare Costs!

In this day an age everyone, including myself will say how Health care costs have skyrocketed for the small business owner. Regardless of how this legislation works out, the system is still inherently broken and the BUSINESS OWNER PAYS in the form of skyrocketing renewal premiums!

The funny part is, the small business owner is partially to blame!

Yes, you read correctly, THE BUSINESS OWNER IS PARTIALLY TO BLAME.

I’m sure your first response is how, I’m a business owner and I do everything I can. I’ll accept that you’re an expert in your field, you probably research everything about the changes in your field, what the trends are, where the opportunities are, BUT are you working ON or FOR your business?

Most business owners spend there life wearing multiple hats for their business. They’re the BEST at Sales, Customer Service, and every aspect of their business. So, where do they usually drop the ball?

BENEFITS

Too often as business owners we’re quick to pass the buck on the things we don’t know about. We’d rather be focusing the majority of our time on what we know, OUR BUSINESS.

As a business owner there’s actually a lot you can do, well a lot you can ask your broker to do, IF HE CAN.

Audit your health insurance plan – Too often there are people covered under a plan that shouldn’t be, and the business pays. Examples include divorced spouses, children covered under another plan, illegally listed dependants ex.

Have a Medical Director review the claims- This is important for groups 100 and up, typically your renewals are based upon your prior year’s claims. So “Joe Employee” that had a Rare Disorder that put in a large amount of claims in the prior year but has since retired, is causing your expensive renewal, why? Because, they have doctors looking at your claims but YOU DON’T.

These are just 2 of the ways you can save drastic amounts of money for your business in benefits, UNFORTUNATELY most brokers either can’t or don’t understand how to do this. They just quote rates.

People always tell me "There happy with the plan they have in place" or "they love their broker". I tell these same people I loved black and white TV, til I found out there was color.

BECOME EDUCATED, KNOWLEDGE IS POWER, AND IN THIS CASE, MONEY! JUST BECAUSE YOUR COMFORTABLE DOESN'T MEAN YOUR IN THE BEST POSITION POSSIBLE.

If you have any questions you can always reach me at 631-338-9917.