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Controllable Costs

by Andrew SzczesniakOctober 21, 2014 8:18 AM

In the business world, everyone is always looking to maximize profitability. It’s not because business owners are greedy trying to grab every last dime. It’s because they are working their tail off to either make the business succeed or make it grow.

In their efforts to do so, business owners look to control what they can, especially when it comes to costs. As a salesperson, I have often been the person who they tried to control costs through by either beating me up on price, extracting extra services or using what my company does to help make them more profitable. However, it often seems to come back to controlling costs.

When a business owner thinks of controllable costs, they often think of material prices, employee hours or something else on the production end. What seldom comes into play is controlling workers comp, healthcare and unemployment costs.  But, how can you control those costs? Those things are completely out of a business owner’s control. Right?

Business man

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Benefits | Human Resources | Payroll | Risk Management | Third Party Administration

What Happens With a Major Claim on Self-insurance Plans

by Tim AustinMarch 4, 2014 1:25 PM

Imagine you’re the CEO of a company with 49 employees. You’re currently covered through a fully insured health plan, but are considering switching to a self-insured group plan due to the potential premium increases resulting from the Affordable Care Act.  

All of the companies you know with self-funded plans are larger companies (250+employees), so you aren’t sure if this is the right solution for you. You’re also concerned that since you would pay self-insurance claims directly, your company could be liable for a major claim if an employee has a serious health issue. 

What do you think - what would you do in this situation? Before you make a decision, consider the following key points. 

What happens when you have a major claim on a self-insured policy?

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Benefits | Third Party Administration

Why a Third Party Administrator is Vital to your Small Business Self-Insured Plan

by Tim AustinFebruary 3, 2014 7:58 AM

How healthy are your employees? If you are a small business owner looking to save money on your healthcare, let’s hope they are all vegetarian non-smokers training for a marathon, right? 

While that would be great, for your small business what matters more for your bottom line is the type of healthcare plan you provide. You have two choices: a fully insured plan or a self-insured plan. 

TPAs and self-insurd plans can save your small business money. Image is a piggy bank with a $100 bill. “Health Care Cost” by Tax Credits licensed by CC BY 2.0

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Third Party Administration

Self-Insured Plans: An Alternative to Government Healthcare

by Tim AustinNovember 26, 2013 1:21 PM

The news channels are flooded with updates on the trials and tribulations of the Affordable Care Act's website and accompanying registration process. Politics aside, the implementation of this piece of legislation could mean big changes and larger financial challenges for your health benefits plan.

Most small business owners today are able to provide some form of health insurance coverage for their employees through large commercial healthcare plans. However, with the Affordable Care Act, these plans will come at a cost for business owners. In fact, Ohio businesses are expected to see a 71% increase in these premiums. 

These high increases may force you to reduce or eliminate the health benefits you are able to extend to your employees, forcing them to buy insurance from the government’s healthcare marketplace.

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Benefits | Third Party Administration

Helping You Fight Rising Healthcare Benefits Costs

by Tim AustinOctober 1, 2013 10:45 AM

In 2014, small group health insurance premiums in Ohio are expected to increase by 71%. As a business owner, you know that healthcare is already a significant expense, and increases like this are likely keeping you awake at night, wondering how you can keep employees insured AND pay the bills.

Fortunately, you can start sleeping better again, because Group Management Services has a completely unique and customizable solution that enables you to provide the coverage your group needs while limiting your expenses and business risks associated with healthcare coverage.

To give you an idea about how GMS can do this, let’s first take a look at how small and medium-sized businesses are covered today: fully insured plans.

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Third Party Administration

The Affordable Care Act

by Tim AustinJune 18, 2013 8:30 AM

Since the Affordable Care Act (ACA) passed in 2010, many business people and consumers have felt that their insurance costs were going to be going up. I’m sure they have never regretted being so right.

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Benefits | Third Party Administration

Business and Baseball

by Tim AustinApril 29, 2013 3:50 PM

My two older boys, ages 9 and 10, are playing ‘kid pitch’ baseball this year. Believe it or not, when I asked them what position they wanted to play, they both said “Dad, I want to be the pitcher”.

Then we asked each player on the team what position they wanted to play and each and every player said “Pitcher”. On paper this is not strange, as this is the most glorified position in baseball. After all, they make the most money, get the most publicity (when they are good), and seem to have the biggest fan base.

The other coaches and I talked to our 13-man roster about how important every position is on the team and how every position contributes to the overall goal. We teach them that they all have to play together to win.

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Benefits | Human Resources | Payroll | Risk Management | Third Party Administration

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