Do you really need to outrun the bear or just be self-insured?

Stop and take a breath because if the term “Self-Insurance” made you stop breathing, you need to relax and keep reading.

The purpose of this post is to introduce you to a concept, not to get real technical.  I will get technical in future messages.

There is an old joke that goes like this. Two guys are camping and one of them sees a bear coming into the camp. He begins to put on his running shoes. His buddy says “Why the shoes…you can’t outrun a bear?” The guy with the shoes says “I don’t need to outrun the bear I only need to outrun you!”

So, you might now be asking, how does that relate to being self-insured?

What if this year, your medical plan did not have a rate increase but all of your competitors saw 10% to 45%? That might be between $30 and $135 per month, per employee assuming an average cost of $300 per employee. Would that give you a competitive edge?

Read more…

For more information, contact Bill Weaver, Focus Benefits Group, 602-381-9900.

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