- 4,096
I am feeling the effects of the poor economy.
Lost a group today that went to a self funded product even through that don't have the cash flow to fund the claims.
They have fixed cost + claims and the fixed cost look great but its a blue collar group that has on going claims. I fear it will bankrupt them but they told me if they don't get business by 3rd quarter they will be bankrupt anyways.
Had a meeting on Friday where with some plan changes I was able to reduce the premium by 46%. Along with that a change in contribution from the employer which reduced the cost significantly. Owner tells me it does not matter he is 2 months behind on rent on one of his locations. He canceled the group plan.
Blue collar out fit that had 30+ employees is down to 4 within 3 months. They are expecting to bounce back but they are associated with the auto industry.
Have a group where there over all sales have dropped 80%.
They had multiple locations combined were doing $20+mill a year in sales. Owners have left the company and taken jobs while they try to rebuild company. wtf!
Its tough to sell benefits as an investment into employees when the employees are lucky just to have an income.
If anyone has something creative to say to keep benefits in place I am all ears.
Lost a group today that went to a self funded product even through that don't have the cash flow to fund the claims.
They have fixed cost + claims and the fixed cost look great but its a blue collar group that has on going claims. I fear it will bankrupt them but they told me if they don't get business by 3rd quarter they will be bankrupt anyways.
Had a meeting on Friday where with some plan changes I was able to reduce the premium by 46%. Along with that a change in contribution from the employer which reduced the cost significantly. Owner tells me it does not matter he is 2 months behind on rent on one of his locations. He canceled the group plan.
Blue collar out fit that had 30+ employees is down to 4 within 3 months. They are expecting to bounce back but they are associated with the auto industry.
Have a group where there over all sales have dropped 80%.
They had multiple locations combined were doing $20+mill a year in sales. Owners have left the company and taken jobs while they try to rebuild company. wtf!
Its tough to sell benefits as an investment into employees when the employees are lucky just to have an income.
If anyone has something creative to say to keep benefits in place I am all ears.
