facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast blog search brokercheck brokercheck

case study

Group Medical Insurance

The Challenge

When we met this client, they were a one location operation with goals of expanding. A real challenge to them is their type of business – a restaurant – which tends to have regular employee turnover. They wanted to offer coverage that their current employees would appreciate and utilize without a hassle and coverage to attract potential new hires as the business expanded.

The Approach

Because of the many levels of workers, we wanted to make sure that newly eligible employees could afford coverage, and long term employees could have better benefits for a slightly higher premium. We helped the employer put into place four different level options: Bronze, Silver, Gold and Platinum. The employer contribution to cover health care premium is based on the cost of the Silver level, and the employees can either buy down to Bronze, stay at Silver, or buy up to Gold or Platinum depending on their family’s coverage need and cash flow.

The Recommendation

Employees get to choose the coverage that fits and the employer costs are stable. Turnover in the industry is generally very high, but after the enhanced benefits were offered management noticed fewer departures. Now as they grow, they can staff their restaurants with the right staff. Employer is also happy that everyone on medical insurance plan has access to quality care they need to stay healthy. As an added employee benefit the owner expanded insurance coverage offered to include dental, Life, Short Term and Long Term Disability.

*These results are for illustrative purposes only and should not be deemed a representation of future results. Circumstances, solutions, and/or results are based on specific facts tied to unique client situations. Favorable results cannot be guaranteed even in a similar scenario. Each specific set of circumstances will differ depending on client needs and profile. Actual results may be more or may be less than those shown. Past performance does not guarantee future results. This assessment is that of the writer, and not the recommendations or responsibility of Cetera Advisor Networks, LLC or its representatives.