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Self funded Health insurance / cash healthcare payers

Discussion in 'Business Management' started by Typestries, Sep 5, 2012.

  1. Typestries

    Typestries Very Active Member

    Jan 8, 2007
    NJ | VT
    Seeing as how our premiums will continue to rise the 21% allowed by law every year, as they have for the past 5 years, I have turned to researching a self funded plan with a stop loss backup.

    Not a big insurer run BS laden HSA plan thats really a health plan in disguise. A bank the cash every month plan.

    We have saved over $1500 a year on eye and dental vs a plan for each of the pat 4 years. Our docs love cash payment, and have extended generous cash discounts.

    Yes, it would require some upfront legal and accounting costs, but moving forward it would give us more control. And yes, it would also increase the liability potential, but that's what the stop loss and or umbrella policy would be for. There are also a litany of tax advantages (until those are changed).

    If you look at the monthly cost, our average yearly claims over five years, plus the MOOP for a catastrophic injury, the numbers are telling. Have no injuries and it's a no brainer.

    This would require discipline of course specifically with managing the funds. And of course, things could go "horribly wrong" as the insurance brokers want us to be scared into believing.

    Is anyone doing it? How's it going?
  2. CS-SignSupply-TT

    CS-SignSupply-TT Very Active Member

    May 31, 2011
    pm SENT
  3. David Wright

    David Wright Very Active Member

    Nov 25, 2003
    Wyandotte, Mi
    What is a stop loss backup? Are you referring to major medical costs?
  4. TheSnowman

    TheSnowman Major Contributor

    Aug 28, 2007
    I HATE playing the insurance game with ANYTHING, but especially being self employed and dealing with it. It's all I've ever known, so I just keep paying it higher and higher each year, never using it. I used it ONCE when I thought I had strep...cost me like $700. Glad I paid those hundred each month for 11 years straight so the one time I use it I get reamed.
  5. deegrafix

    deegrafix Member

    Jul 9, 2006
    Montrose, MI
    oh yeah, nothing wrong with this system! Pretty bad when you're screwed whether you have ins or not.

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