Press Release: New Solution for Insurance Brokers Facing Group Health Plan Cancellations
Park City, UT. December 12, 2011 Small employers are increasingly canceling group health benefits for 2012. Zane Benefits, Inc. (http://www.ZaneBenefits.com) is partnering with local brokers to offer these clients defined contribution solutions with new private health exchange technology.
Approximately 50% of U.S. small businesses with less than 50 employees do not offer group health insurance to their employees. This figure is expected to greatly increase in 2012 due to:
1. Employer Contribution Requirements – Insurance companies require a minimum percentage of the premium for each employee that must be paid by the employer, or the entire plan is cancelled;
2. Employee Participation Requirements – Insurance companies require a minimum percentage of employees join the group plan, or the entire plan is cancelled; and
3. Cost per Participant – Group health plans for 2012 are facing the greatest increase in the history of U.S. health benefits, due to increasing health care costs and new coverage requirements imposed by ACA (Health Care Reform).
Zane’s technology platform directly addresses each of these issues, and can be a key component of employee retention strategies.