Every Montana business is unique, and each client receives customized pricing and options based on their needs. If you are curious about our suggestions for you, please call (406)388-7633.
Please contact our office for more information or complementary pricing.
Group Health Insurance
Group Insurance can provide coverage to help ensure physical, mental, and financial health for your Business Partners, Staff, and their Families. When your business offers a health plan, the expense can generally be written off as a business deduction. In addition, the employees’ share of the premium, if any, can be deducted on a pre-tax basis.
Currently, Group Insurance costs are significantly lower than individually obtained coverage. Below are some examples of the cost difference with Group Coverage. The Individual and Group market do not have identical plans, below we have provided a comparison with most comparable HSA eligible plans.
FULLY INSURED CARRIERS
- BlueCross BlueShield
- Montana Health Coop
What are Fully Insured Health Programs?
Fully Insured Health Programs is the traditional
LEVEL FUNDED CARRIERS
- BCBS Blue Balanced Funded Program
- National General
What is Level-Funded Health Programs?
Level Funded Health Programs resemble hybrids of traditional small group health insurance plans and self-funded insurance. This allows small businesses to step outside of the ACA and provide their own health benefits. The plans include a stop-loss insurance policy that acts as a hedge against claims over the total funded amount monthly. Other benefits could include monthly premiums savings of 30% or more, as well as a potential end of year refund. 50% of businesses across the U.S. see refunds on these types of programs.
How Does Level Funding Work?
Not unlike traditional group plans, level-funded benefits programs have a set, or level, monthly premium throughout the year. Premiums are divided into three buckets. One third pays employee claims, another third goes to plan administration (claims, network management, etc.), and the final third pays for stop-loss coverage. Stop loss protects business owners from self-insurance risks.
Unused portions of the claims fund may be refunded if unused by the end of the year. Plan administration costs and stop-loss premiums are not refundable.
Level-funded programs are utilization based in most cases, so businesses with healthier or younger employees could potentially save even more. Should businesses exhaust a claims fund, employees are 100% protected by a stop-loss policy on claims over the annual funded amount.
What are the Advantages of Level Funding?
Level-funded programs do not pay premiums calculated with a community risk pool. The Affordable Care Act forces traditional small group (2-50) eligible employees into a large, potentially riskier group when forecasting claims. One simply needs to view the 2017 publicly available rate increase for Montana to see how painful these community rating structures can be for small businesses. Level funding keeps premiums lower in some cases because a company’s risk is lower than the general population.
Level-funded programs allow businesses to recoup unused claims set aside. Traditional group plan premiums are non-refundable. In-addition, level-funded programs include utilization reports, and so business owners have detailed information about overspending. If used properly, this information could save the company even more.
Group Ancillary Insurance
What are Ancillary Insurance Programs?
Ancillary Insurance is
- Delta Dental
- Group Term Life Insurance & AD&D
- Voluntary Term Life Insurance & AD&D
- Short Term Disability
- Long Term Disability
- Critical Illness
PREMIER BUILDING SYSTEMS:
“As a Washington State small business, and having recently been purchased by a Montana businessman, SWM Financial was quick to add us to their list of clients. Already serving our owner, as the agent for his current company’s employee benefits, the transition was easy, quick, and problem-free. Every call has been personally returned, all questions have been answered time and every issue, no matter how obsolete, has been resolved…and believe me, our company has managed to unearth every problem under the sun. The great part is working with SWM team members. Courteous, patient, kind, and knowledge blessed, it has been a breath of fresh air working with Kim Pickart – Branch Manager., Antoinette Bloem – Operations Manager and Julie Blockey, Owner. Responsive and always looking out for Premier Building Systems future needs, I would recommend SWM Financial to any potential client, individual, or business, who might be in search of the best in the insurance industry..”
Laurie Miller, Office & HR Manager, Premier Building Systems