Small business owners medical insurance

[Saltheart]

I am considering opening another small business. i once operated an engineering company for 13 years and have recently been getting the urge to do something myself again.


I'm curious where small business operators get their medical insurance coverage these days.

[Clammer]

Mike our best rates came from B/C

[reelecstasy]

I need a new job

[Saltheart]

Clammer , do you buy direct from BC or part of a group?

[Fishpart]

[Clammer]

Direct// its @#$%^$%^& high

[Saltheart]

Yep , way high.

[PaulS]

There might be some type of small business assoc. you can join to help qualify for large group rates. Be careful that the policy is "fully insured" and not a self funded policy. The self funded policies are basically insured at high dollar amounts (with deductibles like 25K). Your deductible may be much lower (like 1K). The prem. you and the other policyholders pay are used to fund claims between the 1k and the 25k. Usually there is no problem. However if all the policyholders have bad claims experience, there is no prem. to fund those claims and your claim goes unpaid. For a labor group or a large business, they would pay the shortfall. But with an association, there is no-one to make up the shortfall. Call the state dept. of insurance, they'll give you a few names of companies writing in RI. Good luck!

[Saltheart]

Thanks Paul. The trick is getting into a group. I have some leads but none appear very good. Ten years ago it was easy to find a group to join. Now , there are less oppurtunities.

[Saltheart]

Well it looks like BC is the best bet despite the high cost. If I turn up something better I'll post it for people's informantion.

[Saltheart]

Before I forget Ed....

[Drew]

My business is in Worcester and I get my insurance throught the Small Business Service Bureau (Harvard Pilgrim). We could have also gone through the Chamber of Commerce for about the same price.