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Small Business Health Insurance Savings - Concord, MA
Note: This was written before the advent of HSAs which now offer an even better
group health insurance option.
Here's a profile of a
Concord MA company with 11 employees receiving group benefits before discovering
all their alternatives through Health Plan Specialists and afterwards.
BEFORE:
The business had three different Blue Cross plan types. Three
of the employees were out of state often so they had a PPO plan which gave them
coverage outside the Massachusetts Network. The rest of the employees had an HMO
or a POS plan. Their premiums were going up to $6800 per month.
Not only were the
premiums sky high but only three of the employees with the PPO plan had
the ability to go to ANY PROVIDER ANYWHERE - EVEN OUTSIDE THE
"NETWORK" if they wanted or needed to.
AFTER:
The entire group was
quoted rates for a PPO plan!
All employees would enjoy access to providers to not only in the largest PPO
network in the country, Private Healthcare Systems, but they had
benefits "OUTSIDE" the PPO as well with no primary care physician
requirements like most of them had before. With this plan, each covered person
now has the security of knowing they have a full $5 Million lifetime maximum
benefits to use both inside and outside the network.
Every
employee found that all their doctors were members of the PPO. Co-pays remained
low and savings ranged from a high $36,000 per year to $21,000 per
year. A proposal which would have saved $32,000 included a $ 20
office visit co-pay; a $40 specialist office visit co-pay; a $50 Emergency Room
Co-pay and a three tiered Rx drug co-pay plan of $15/$25/$50.
BOTTOM LINE/CONCLUSION:
This company was able to upgrade their plan type
for the majority of their employees AND save as much as $3273 per
year per employee and employee take home pay INCREASED!
[To Next Profile of Savings]
Massachusetts
Small Business Health Insurance Options and Quotes
Massachusetts
HSA Plans for Small Businesses
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