January 1, 2010

Q: How can we save money on group health insurance?

A: Achieving significant savings in a group health plans requires thinking "outside the box" utilizing consumer driven health plan design similar to the format used by any of our nation's largest employers. (Large employers tend to utilize the most recent health plan designs before the trends catch on in smaller firms). The problem is that most traditional group health insurance uses a "one size fits all" approach to coverage which inevitable results in higher costs and lower level of employee satisfaction. The key is to define the employer's cost first and then allow each individual employee to utilize their own purchasing power to choose from among multiple health plans to match the options that best suits the individual need available within that allocated budget. This counter-intuitive approach essentially results in each employee shopping for individual insurance that best suits their personal preferences rather than the entire company shopping for insurance that suits everybody. The overall result will be a less expensive and more appreciated group health insurance plan.

A business with three or more employees can utilize the free Health Reimbursement Arrangement plan (HRA) at MedSave.com. This is a fill-in-the blanks form that provides the legal framework for this type of consumer driven health plan. Smaller companies can utilize Health Savings Accounts that are available free of charge from a number of MedSave.com insurance providers or without insurance on a "stand-alone" basis for a small account fee at www.healthsavingsaccount-hsa.com .

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