- 4,096
I received rate projections on my small group block for 2014.
Rates are going up anywhere from 30%-60% for ACA compliant plans.
I have been selling group for 15 years and this is not going to fly. The fact that there is guaranteed issue in the market place. Small group is DOA for most SIC codes in 2014.
Small group is going to have a major problem with employee retention after 2014.
Small business is already having a hard time retaining employees vs large companies.
Now small group does not stand a chance. Even the strategy of high compensation may not work vs Large company. Here is why. A employee that is paying for their own insurance has less money in the bank. If an large employer offers the same salary and pays for all their health insurance. That employee is going to have more money in the bank at the end of the year.
I am talking about retaining key people. You have a group of 30 employees and there are 3 superstars at the company. It will be tough to keep those superstars.
Rates are going up anywhere from 30%-60% for ACA compliant plans.
I have been selling group for 15 years and this is not going to fly. The fact that there is guaranteed issue in the market place. Small group is DOA for most SIC codes in 2014.
Small group is going to have a major problem with employee retention after 2014.
Small business is already having a hard time retaining employees vs large companies.
Now small group does not stand a chance. Even the strategy of high compensation may not work vs Large company. Here is why. A employee that is paying for their own insurance has less money in the bank. If an large employer offers the same salary and pays for all their health insurance. That employee is going to have more money in the bank at the end of the year.
I am talking about retaining key people. You have a group of 30 employees and there are 3 superstars at the company. It will be tough to keep those superstars.
