Inflation Hit Medical Premiums Years Ago — Now an Alternative?

Kind of hard to imagine in the rising cost environment of medical insurance that a small business owner could be offered a plan that would refund unused premiums at year end. Now that inflation is finally happening on everything else in the economy, no one is calling for medical premiums to go down.

Allstate, through its acquisition of National General in 2020, received a well-seasoned team of medical insurance professionals and a very competitive product for businesses with 2–49 employees. Allstate is now issuing the product backed by Allstate's great brand recognition and financial strength.

We have the ability to customize your program, and as it's not an HMO, you pick your primary care provider who is simply part of the network. If you enrolled last year into the Allstate Long Term Care Rider Group Universal Life Policy, you even use the same portal to enroll. How easy is that?

What Is the Catch and How Does It Work?

Many offered medical plans operate on a larger scale with a flat cost — any unused portion of premiums simply stays in the pool for the carrier to help offset the larger pool's annual claims. In our new Allstate plan, if you have a high-claims year it may result in no refund and possibly higher future premiums. That seems to be the trend with most plans that don't offer the refund opportunity.

A self-level funded plan certainly favors an employer with healthy and young employees — no doubt. We will happily cover the details with you.

As the employer, you are subject to paying for only 50% of the employee-only premium (unless you want to pay more of it).

You also get to decide:

• Your deductible: $500–$7,900
• The level of insurance you want to provide: 50–90%
• Pharma options — even those provide choices
• Labs and X-ray costs can be counted toward your annual deductible

Lots of choice and flexibility to best fit your needs and favor your employees being covered.

Who Qualifies?

We can write a husband-and-wife business provided they have one other unrelated employee. 1099 employees are fine, and having employees in multiple states is potentially workable as well.

The network provides all of the medical professionals for both Cigna and Aetna — which is many in our state of Washington.

Working With ANTIK Benefits

Best of all, we are working in tandem with ANTIK Benefits, who spearheaded our efforts with the Universal Life with Long Term Care endorsement that many of you purchased in an employer group already — as an option to be excluded from the WA Cares Act mandatory premium assessment prior to 11/1/2021.

Call 877-BeatMayhem — that is my office — and we will gather a little information and get you a quote with several options to consider. Talk to you soon.