Group insurance is a business—a very profitable business.
Do you realize that only about 50–55 cents of every dollar you pay in premiums is used to pay claims? The other half goes to all the extra load factors such as underwriting, administration, commissions, trends and inflation, IBNR factors, high-level pooling charges, and more.
What’s worse, because these loads are charged as a percentage of the premiums you pay: the higher your claims are, the more profit the carrier makes. So what incentive do they have to manage those claims and help you control your costs? How can you ever win?
Cut out the waste. Leave the old insurance model behind. Insurance was never meant for small expenses like massages or dental cleanings. You wouldn’t purchase car insurance to cover oil changes and car washes, after all.
Large corporations figured this out years ago. They can offer a far more generous plan and actually pay a lot less than small businesses. How? They only pay the actual claims plus a small administration fee to do so. By simply switching HOW the plan was being administered, they cut out almost 35% of those extra load factors, giving them more control and more value for every dollar invested in their group plan.
Now you have the same opportunity.
The founders of EIO Solutions have helped small business owners “Self-Insure” and save on the health benefits premiums for over twenty years.
“Self-Insurance” sound too risky? We believe it’s actually less risky than traditional benefits.
By eliminating the waste and redundancy of your current plan, you’ll free up more money to pay more claims. In addition, we provide a low-cost, fully-pooled health & drug policy that pays all claims exceeding $3,500, giving you great savings and peace of mind.
The result: more employees see more value in their benefits, with better coverage for vision, dental, and even new wellness programs for gym memberships or vitamins—for the same, or less than, you’re currently paying.
Wondering how easy it is to make the switch? In a word: very. Through our online platform and with guidance from our onboarding team, we’ll enroll your group in under thirty days.
Fill out the form below and we’ll reach out in the next 2–4 hours to schedule a meeting!