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.
Fully Insured Healthcare Plans
Under fully insured healthcare plans, the insurance company will determine your business’s premiums based on projected claims, which are determined by the Experience Rating (soon to be Community Rating). In essence, groups are rated on a scale. The closer to 1 the group is, the healthier. The healthier the group, the lower the premium.
The problem with this scenario is that the insurance company determines how healthy a person is AND how much that person’s premium is going to be. As a business owner, they don’t provide any solutions or alternatives. Self funding with GMS provides options.
A Healthcare Solution For Business Owners
As a business owner, this can be pretty daunting.
Enter our two-step solution, which not only limits your healthcare expenses, but keeps the quality of those benefits at the level your employees deserve.
Step 1: Self-Insured Healthcare
GMS is proud to announce the launch of Group Captive Management (GCM), a self-insured captive insurance company that benefits your business in many ways:
- Save money: We will underwrite a custom policy for your group so you won’t have to pay for insurance that your group doesn’t need.
- Increase cash flow
- Limit your risk: Stop-loss insurance will minimize your exposure
- Spend time growing the business: GMS covers everything, from eligibility to claims to customer service. Don’t spend time buried in the details. Leave that to us.
- Keep employees happy: Instead of dropping insurance altogether, reducing employees’ to part-time hours, laying employees off, or going out of business, you can offer great health benefits while competitors are struggling to cope with the healthcare changes.
Step 2: Third-Party Administration
We are also proud to announce today the acquisition of third-party administrators: Ogden Benefits Administration, Employee Benefit Concepts, and Variable Protection Administrators.
This acquisition, in conjunction with our self-insured plans, provides even more benefits to small and medium-sized business owners:
- Further earn your trust: With our TPA services, we hold ourselves accountable for the policies we underwrite for your group. You will know that your employees are getting all the healthcare benefits promised.
- Lower your premiums: GMS now has access to tools that can keep your healthcare claims low, which keeps your premiums lower and your cash flow higher.
- Centralize points of contact: You no longer have to hire and pay a separate TPA. Now, you can work directly with GMS for all of your healthcare benefits needs.
Let’s Get in Touch
Sure, there are a lot of healthcare changes coming your way. But you don’t have to navigate them on your own.
Regardless of whether you’re a client or a prospect, the time is now to make your business simpler, safer and stronger. Give us a call at 330-659-0100 or contact us for more information about our self-insured and TPA services today.