Following back to back Tips recounting ‘tough’ renewals’, it’s time for some good news.
Four years ago, ‘ABC IT Masters’ converted their small group health plan
from fully insured (i.e., Obamacare/ACA/’community rated’) to a Level Funded Health Plan.
Wazzat? Patience, Grasshopper.
Their first Level Funded renewal was just 6/%. Last year; 0%.
This year, another 0% “Rate Pass!” Oh, and they’re likely to get a refund check for their claims’ surplus.
A refund! How’s zat work? (Geez, who are you, Jiminy Cricket?)
Covered under the Plan are 11 employees (2 are single parents and 3 have 'full' families) with an average age of 37.
Monthly renewal premiums for the 3rd year in a row will be: $442/single, $779/Empl’+ Child and $1,389.Family.
By comparison, my fully insured client (Tip # 685) getting a 41% increase will be paying +/- $854/Single and $2,478/Family.
Oh, boy. I’ve burned through most of my 30 Seconds and still have to explain Level Funding.
Fine. I’m forced to send you HERE.
Sincerely, A Proud MMAC Member since 1997.
And, I might add in case you missed THIS, in good company.
