Combining California Workers Comp and Group Health

We just ran a quote for a small California company for Workers Comp combined with their group health insurance and it's pretty exciting, which is tough to say about most insurance quotes.  Their old California Worker's Comp was $3000.  The new rate is $1200.  Now granted, this isn't going to happen for every company and every quote, but just to see that degree of savings brings some welcomed relief to us as California Worker's Comp agents or just insurance agents in general as the rates have gone up for decades.  Let's take a look at how we were able to affect this company's Worker's Comp rate so significantly and whether the same can be done for your company.

In this particular case, we took advantage of a particular offer by Anthem Blue Cross of California.  When we combined their group health insurance with their affiliated Worker's Comp coverage, they not only offered a very competitive Worker's Comp rate (lower than the other private carriers), they discounted their medical insurance bill by 1%.  Now , California company will tell you that the group medical insurance bill is the one causing the most pain over the last few years and we see no reason for this to change going forward unfortunately.  1% of annual California group health premium really add us.  For every $10K of premium, that's $1000 right away.  They have additional savings for adding/combining dental and life but the Worker's Comp savings is sizeable.  Usually, with a deal like this, the discount is great on the Worker's Comp quote itself if the company does qualify for private coverage (see private Workers Comp versus State Fund article) but the real impact for most California companies is on the group health insurance side.  It goes without saying that group health insurance benefits have constantly increased for the past decade at a very high clip.  Health benefits (not even looking at dental, vision, and ancillary benefits) can run between few hundred dollars up to over a $1000 depending on age, area, and plan choice.  That's just for the employee with dependent coverage running much higher.  A percentage discount on the health insurance premium can be $1000 of dollars per year.  So how do we see if you qualify for this combination savings and see if it makes financial sense for you? 

We're happy to quote your current group health and California Worker's Comp quote for your company at no cost to you.  The Workers Comp form takes just a few minutes to complete and the group health side just requires ages, zip codes, and dependent status for the covered employees/owners.  Not every carrier offers the Worker's Comp/health insurance benefit but we can quote across those that do and compare them with your current coverage and other carriers which do not combine with WC to make sure you're getting the best total package deal.  Ultimately, for a given benefit level and Workers Comp protection, what we really want to see is the total savings.  That's our goal.  In most cases, the Worker's Comp savings will bring down the California group health rate so significantly, that this provides the best net package savings.  So why would the carriers do this?

It's simple.  The carriers have found that there is more stability with a group when they bundle different benefits together.  This means the California company is less likely to leave the carrier.  There is no long term health insurance contract so we can always check the market to make sure you're getting the best deal.  Most carriers offer a 12 month rate guarantee so ultimately, nothing precludes us from running the same quotes above each year at renewal to make sure we still have the best total benefit savings.  Translation...there's nothing that prevents us from taking advantage of the carriers offer in our interest.  Let's see how the savings pencil out for your company.  You can start by completing this simple quote form. 

Related Pages:

How to get the best Workers comp insurance rate
Group health insurance quote

 

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