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Healthcare Benefit Costs are out of control, and projected to go up 5-7% every year for the foreseeable future, according to the Wall Street Journal.
For those individuals that qualify for Impact Health Sharing, the cost of their Healthcare Coverage and yearly increases is not determined by Loss Ratios & Profit Margins. They can actually lock in their rate for up to 10 years! And then lock in the next 10-year rate after that period expires!
In addition, the monthly cost the employer pays to cover eligible employees will decrease by 50% or more, assuming that they currently have fairly comprehensive traditional coverage. The out-of-pocket costs for the family will decrease significantly, depending on the size of the family. Traditional Health Coverage assigns a deductible of $5,000 or more to each family member before any expenses are covered; Impact’s Personal Responsibility Amount (similar to the deductible), can be as low as $2,500 for the entire family, regardless of family size.
The high cost of Health Insurance is driven by several factors. One of these factors is pre-existing medical conditions. Another is profit-driven health insurance companies. When these factors are eliminated, costs go down significantly. Impact Health Sharing is a non-profit entity. No shareholders to answer to.
50% of all medical costs are incurred by just 5% of Americans. These are the individuals that are not eligible for Impact Health Sharing. Fortunately for them, if you have over 50 employees,
they are automatically covered by your MEC Health plan which was mandated by Obamacare.
For those that do not have a pre-existing medical condition, it makes good business sense to provide them with the option of better Healthcare Coverage for their family. You can reduce your expenses and their costs significantly at the same time.
If the math doesn’t work, there is no need to spend time trying to decide if switching eligible employees from your current plan to Impact Health Sharing makes sense or not.
The Math is straight forward, but will require you to do a little research. If you look at the number of people in your Benefits Plan, a conservative assumption is that +/-20% of them will qualify to be covered by Impact Health Sharing.
If your demographics are employees mostly in their 20’s, 30’s & 40’s, it’s likely the number that qualify will be greater than 20%; if your demographics are skewed more toward 40’s, 50’s & 60’s, your qualifiers may be less than 20% of your Benefits Plan employee pool.
The next step is to do some spot comparisons between what your cost of Healthcare Benefits is for various ages & family sizes, and what the same coverage would cost from Impact. Everything you will need to make this comparison can be found on our PRICING page on this website.
Based on previous Case Study comparisons, it’s likely you will save $500/month or more for each employee that qualifies, while at the same time saving your employees thousands of dollars on deductibles if they have medical issues throughout the year.
Depending on the type of organization you have, there may be additional opportunities with Healthcare Cost Share.
If you are a membership organization, like a Co-op, Church or Credit Union, you may be able to drive additional revenue by sharing the concept with your membership, congregation or member/owners.
Once you become familiar with the benefits of Health Sharing by experiencing them firsthand, you may qualify to receive additional, recurring revenue by helping Healthcare Cost Share bring the concept to your membership, congregation, or member/owners. This is only available after you have benefitted from the program and are comfortable recommending it to others.
Similar opportunities exist for other vertical industries like Foodservice & Grocery Distribution, Wholesale Distribution, Manufacturing & Professional Services.
Healthcare Cost Share is a company that exists to help individuals, families, and businesses receive better health care options, and to stop overpaying for health care coverage. We have partnered with Impact Health Sharing to bring a viable alternative to traditional healthcare insurance coverage. If a penny saved is truly a penny earned, find out how well it pays to pay less for your Healthcare coverage.
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