Insurance is killing us

[scbelleatheart]

We own a small corporation and our employees have the option to opt out of insurance. We would pay 50%. Almost all of them chose to opt out so on the insurance we have 1 family of three, 1 family of 2, and 1 single. So a total of 5 adults &1 child with $2500 deductable per person or $5000 per family.
The bill came today. It went from $2145 to $2914 per month for the next year. This is rediculous! They really wonder why small companies are no longer having insurance available.

 

[Darcy03231]

I used to work for a small company and what they did was to pay each employee a certain amount of money toward their insurance and left it to the employee to purchase their own. Ended up being less expensive for the company and this way the employees got to decide what kind of a plan they wanted. Since the company was small they didn't qualify for group rates anywhere.

I thought it was great because I'm covered under DH's plan so it was like a bonus for me.

 

[starry_solo]

We own a small corporation and our employees have the option to opt out of insurance. We would pay 50%. Almost all of them chose to opt out so on the insurance we have 1 family of three, 1 family of 2, and 1 single. So a total of 5 adults &1 child with $2500 deductable per person or $5000 per family.
The bill came today. It went from $2145 to $2914 per month for the next year. This is rediculous! They really wonder why small companies are no longer having insurance available.

WOW! I hate to suggest it, but have you considered only paying a set amount for insurance? Like $500 per employee only?

 

[angierae]

Is there a way you can adjust your plan? My company pays 100% of my insurance (if you want to add on spouse or kids you pay 100% of the additional cost) but they just switched to a $150 ER copay instead of a $50 one, and our prescription copays are now 10-40-80 instead of 10-20-40. That brought down the price enough that the owner was comfortable continuing to pay 100%.

 

[Dismom55]

I would do some shopping around to see if you can find something more in line with what your company can afford. I work for the government, even we have to pay a portion of our pay towards our coverage, so that is an option too. It is hard on all of us and I am sure all options are hard to make.

 

[bearzabout]

Our small contracting company had a Blue Cross group plan that was so expensive that very few people signed up. Many healthy young guys would rather spend their money on other things so we came up with another plan to help get them some basic coverage.

We offered to reimburse them 50% for individual coverage that they got themselves. They could pay for the level of coverage they needed and the young healthy workers got really great rates. We had them bring in a copy of their paid insurance invoice and added 50% of the bill as a bonus in their checks. They did have to pay income taxes on the amount, but it was a win-win situation.

Some people were able to switch from expensive group coverage with Blue Cross to their individual policies costing about 2/3 less. My hubby (58) and I (48) pay less than $200/month for Blue Cross individual coverage. My policy even pays 100% of $500 in preventative care a year, but my deductible is high so for us, prevention is key.

This may be a great option for your company and employees.

 

[kiki02]

We own a small corporation and our employees have the option to opt out of insurance. We would pay 50%. Almost all of them chose to opt out so on the insurance we have 1 family of three, 1 family of 2, and 1 single. So a total of 5 adults &1 child with $2500 deductable per person or $5000 per family.
The bill came today. It went from $2145 to $2914 per month for the next year. This is rediculous! They really wonder why small companies are no longer having insurance available.

Killing us too. We pay for our own.

 

[Tink-aholic]

We own a small corporation and our employees have the option to opt out of insurance. We would pay 50%. Almost all of them chose to opt out so on the insurance we have 1 family of three, 1 family of 2, and 1 single. So a total of 5 adults &1 child with $2500 deductable per person or $5000 per family.
The bill came today. It went from $2145 to $2914 per month for the next year. This is rediculous! They really wonder why small companies are no longer having insurance available.

Two families and an individual at under $3000 per month? Sounds about average to me. My employer offers three plans, and one of them costs them that much per month per family. I chose the cheapest one, and I am grateful that my employer picks up 85% -- which works out to over $1500 per month for my son and I. We are not a small employer, and our rates are for roughly 1200 people.

 

[nunzia]

Our small contracting company had a Blue Cross group plan that was so expensive that very few people signed up. Many healthy young guys would rather spend their money on other things so we came up with another plan to help get them some basic coverage.

We offered to reimburse them 50% for individual coverage that they got themselves. They could pay for the level of coverage they needed and the young healthy workers got really great rates. We had them bring in a copy of their paid insurance invoice and added 50% of the bill as a bonus in their checks. They did have to pay income taxes on the amount, but it was a win-win situation.

Some people were able to switch from expensive group coverage with Blue Cross to their individual policies costing about 2/3 less. My hubby (58) and I (48) pay less than $200/month for Blue Cross individual coverage. My policy even pays 100% of $500 in preventative care a year, but my deductible is high so for us, prevention is key.

This may be a great option for your company and employees.

This sounds like us. My DH works for a small Vet business and they do not pay anything toward his health care (and still won't under Obamacare as I think you have to have 50 employees to have to cover under that rule..or maybe 100..anyway, most small businesses will probably still be exempt) We have for him an HSA Blue Cross Blue Shield high deductible plan that runs 185 a month. It has worked out fine and prescriptions aren't bad either. My work pays for me..it used to be 100% but know we pitch in some (..by 'we' I don't meant the Pastors as they are still covered 100% plus their plans cover entire families not just individual like 'us'. go figure)

 

[blueferral]

Group rates are usually more expensive than individual plans. This is because they have to accept everyone. With individual plans they can deny you or put a rider that says they do not cover this or that.

We priced out plans for our company and found that a high deductible with health savings plan was the most economical. The deductible is 10k, the monthly cost is about 1000 for the family coverage. We put the other 1000 into the health savings account (kind of like an IRA). When we get to about 20k in the HSA we will stop putting money into it.

What is available in your state may be different. Each state has their own laws. FYI North Carolina has some very consumer friendly laws. We found it easier to form our Corp in NC and do business in other states. The savings on insurance make up the difference. Talk to your attorney and accountants.

 

[annabanna]

My employer pays 100% of our individual insurance and about 40% if we add on family. It works great for us now because both my hubby and I work for the company so we pay our kids insurance through a private plan.

I used to work for a very small company who found that group rates were really expensive. So, they allowed us to find our own group insurance and then payed 85% of it. It worked out for both parties involved.

 

[sk!mom]

My employer pays 100% of our individual insurance and about 40% if we add on family. It works great for us now because both my hubby and I work for the company so we pay our kids insurance through a private plan.

I used to work for a very small company who found that group rates were really expensive. So, they allowed us to find our own group insurance and then payed 85% of it. It worked out for both parties involved.

You are very lucky! Fewer and fewer employers are covering all costs. Currently DH and I are covered by our employers at no cost to us. I pay $200 per month to cover DD through my employers plan. This is all ending in August.

DH's employer (a small local branch of a National non-profit) has announced that they will no longer offer insurance. They will reimburse employees probably $300 per month for insurance. The amount of reimbursement is still in the proposal stage. My employer (local school district) is switching from self funded insurance to the state plan for educators. They will contribute $350 for me.

The cost for family coverage on the State plan is $1150 per month. Subtract the $650 contributions of our employers and that's $500 from us. So a $300 per month increase from what we currently pay.

There are no other options for us as my DH was diagnosed with cancer in March and is currently in treatment.

Typing all this out actually was therapeutic. I've been so stressed with the health issues and all the costs that this insurance news hit my hard. Boiling it down to $300 sounds- not so bad.

 

[sparklynails23]

This sounds like us. My DH works for a small Vet business and they do not pay anything toward his health care (and still won't under Obamacare as I think you have to have 50 employees to have to cover under that rule..or maybe 100..anyway, most small businesses will probably still be exempt) We have for him an HSA Blue Cross Blue Shield high deductible plan that runs 185 a month. It has worked out fine and prescriptions aren't bad either. My work pays for me..it used to be 100% but know we pitch in some (..by 'we' I don't meant the Pastors as they are still covered 100% plus their plans cover entire families not just individual like 'us'. go figure)

But I think he'll be able to buy from a pool with group rates under Obama Care.

Not saying that's the best plan, but something with healthcare in the U.S. has to change.

 

[McKelly]

I agree that health insurance is getting crazy.

Several local companies are hiring nurse practioners and having their employees and their families come to the nurse's office right at the company for smaller problems, like ear infections, strep throat, stitches, etc., obviously, major things need a medical facility. I guess it really keeps costs down.

Are there smaller local companies that you could "partner" up with and offer something like that? Just trying to think of all options....

I know health insurance rates are killing small businesses. But from the employee end, we already pay $615.00 a month for insurance with $3000.00 deductibles, any more would be rough on us. I can't imagine another $400.00 increase...

 

[nunzia]

But I think he'll be able to buy from a pool with group rates under Obama Care.

Not saying that's the best plan, but something with healthcare in the U.S. has to change.

Agreed..but you think the pool group rates will be less than what we already pay...$185? I don't.

 

[tink_n_pooh]

My employer and DH's company both pay 50% of the employee's coverage only. We can add on other family members (husband/wife or parent/child or family) but the additional cost is 100% the responsibility of the employee. We also offer 2 different plans, one with more coverage for a higher cost and one with less coverage for a lower cost.

The cost of insurance is still killer

 

[PHXscuba]

We also own a small business with 4 employees and are in the process of starting employee health insurance. Switching from an individual plan for our family into a group plan is actually saving our family hundreds per month because the group rates are a "family rate" no matter how many kids vs. our individual plan where we paid the "3+ kids rate."

We are working with a broker to crunch all of our options for plans -- PPO, HSA etc. The broker also told us about a state tax credit for small businesses starting to cover health insurance that we qualify for!

PHXscuba

 

[Gumbo4x4]

But I think he'll be able to buy from a pool with group rates under Obama Care.

Not saying that's the best plan, but something with healthcare in the U.S. has to change.

Political objections aside, the biggest travesty of Obamacare is that it does NOTHING to address the core reasons health care has gotten so expensive.