Insurance Help Please

[shera]

I'm supposed to find a group policy for the full timers here at the store - there are three of us. I have no experience at all in this area and could use some pointers. Hehe, I've got a legitimate use for being on the forum during work.

I'm working through my search results, but I'm afraid my head is going to explode any second. And I've go no insurance.

[Snow Dog]

Since it's a business a good place to start is the local Chamber of Commerce.

[shera]

Since it's a business a good place to start is the local Chamber of Commerce.

So you're thinking I should just go through somebody local? I've got an appointment to see somebody over at Arrow on Friday. And there's a financial planner at the credit union that I could see too. But I was was hoping that I could find something extremo cheapo in the internet.

What do I have to pay? $300 per month per employee? Can I get it closer to $200? Is adding in eye care and dental a frugal choice? One of our guys is just in his early twenties and hasn't had his wisdom teeth out yet. And he wears glasses. And I'm going blind here in my old age...

This job of mine is cool and all, but between spending half my time selling t-mobile, half doing the books, half with the computers, half with taxes, half with inventory, half with customers, the list goes on...

And there's powder outside my window. I feel awfully whiney for some reason.

[Lone Star]

why would you guys need insurance? what a waste of money.

I've got some ideas/info for you, hit me up when I'm back home tomorrow.

[Snow Dog]

So you're thinking I should just go through somebody local? I've got an appointment to see somebody over at Arrow on Friday. And there's a financial planner at the credit union that I could see too. But I was was hoping that I could find something extremo cheapo in the internet.

First, you should use a broker because they will be your advocate if you have issues with the insurance carrier.

Second, the CofC is a resource for small businesses and will know which brokers do small business group insurance (there's all sorts of insurance specialties).

Third, most insurance carriers will send an inspector to check things out.

Fourth, the CofC may have some sort of group plan for members which may be cheaper or better than stand alone insurance.

Fifth, I have no idea what insurance costs in CO.

Sixth, insurance companies like to make money so perks, like glasses or dental, are fully paid by the employer. Generally perks are to help with employee retention but young single employees don't worry about insurance 'cause they're invincible.

[L7]

Of course your insurance is way different down there so any insurance hunting I've done is useless. My technique might work though, just start asking around with other businesses of similar size and needs what they do. Between a couple of them you should find lots of leg work already done.

[teledave]

L7 got what I was going to say, no need to reinvent the wheel just ask some of your neighboring businesses what and who they use. In general eye care and dental will cost you more in premiums than they will ever pay out in benefits, read the fine print on them and do some math before buying. THere is a reason the medical insurance people love to bundle those two benefits into the policy.

Disclaimer: All of the above is strictly based upon my experience within the state of TN and possibly worthless anywhere else.

[warthog]

I believe you are required by law to use a broker. At least that is how it is in most states.

$200-300 per employee? I would be amazed, and then very skeptical, if I saw a price like that. You can also ask a broker about self insured plans, or group insurance consortiums. These usually lessen the cost to employee/employer, but can be very expensive if someone submits a huge claim.

PM me with any questions. My GF is a broker, and I can have her take a look at it.

[up an down]

[QUOTE=Snow Dog]First, you should use a broker because they will be your advocate if you have issues with the insurance carrier.
QUOTE]
first ask ANY broker you talk to about commisions, perks, kickbacks they might get from insurance companies. many, many brokers take hidden $ from the insurance companies when they make supposedly unbiased recommendations to their clients...this type of corruption is a nationwide problem for small and large businesses. if the broker you bring up this issue with denies that this type of crime takes place in the industry, walk out the door and keep looking for an honest broker. it may take a while to find one.

[shera]

Thank you so much - I know I can always get good advice around here. I'm gonna take a few days off to ski, but hopefully will get back at this next week.