We asked Clint Tripodi, Chief Operating Officer of Craford Benefit Consultants, about changes in health insurance and what he thought BABX members need to know. He also explained the Health Plans we offer our members.
Clint and the Craford people know their stuff – BABX has had a close working relationship with CBC for nearly 3 years and over 300 Builders Exchange member firms and hundreds of employees and their families are currently enrolled in the Group Health Insurance Program which includes eight Builders Exchanges participating.
Buying health insurance is confusing and it seems like the industry is always changing. Why should I provide health insurance for my employees at all?
Offering health insurance is important for several reasons. Uninsured employees tend to receive less medical care and less-timely care, and as a result they have worse health outcomes and potential workers’ compensation abuse.
The lack of insurance can be a family’s worst financial nightmare. I can give you far too many horror stories of the impact on families who have had catastrophic health problems and the mountains of bills they have had to face.
In addition, under the Affordable Care Act, individuals are now required to have health insurance or face an annual tax penalty.
We’ve heard a lot about the Affordable Care Act. Explain what it is and how it affects the construction industry and BABX members.
The ACA, also known as "Obamacare," has some good elements. I don’t want to get political, but I do feel the removal of lifetime maximums (how much a plan will pay for your condition) and the idea that each person receives a comprehensive-physical without a deductible are good elements.
BABX’s Health Insurance Program, for example, includes all the "good" elements of the ACA while, more importantly, remaining independent from certain employer mandates that the law requires if an employer chooses to not provide healthcare insurance coverage.
Many of the terms related to health insurance get confusing. Which ones are the most important to understand?
The most often used terms as they relate to health insurance are: Premium, Deductible, Co-payment (aka “Co-pay”), and Co-insurance.
A premium is the amount you pay for your health insurance, typically paid monthly. A deductible is the amount you pay for medical bills before your health insurance starts to help (a higher deductible typically means a lower monthly premium). A co-pay is a fixed dollar amount you pay for certain services, such as visiting a doctor.
Co-insurance is a percentage of the cost that you pay for covered services, up until you reach your out-of-pocket maximum (the amount after which insurance pays 100% of eligible services).
BABX offers a variety of health benefits. How can members get assistance in selecting the right mix for their employees and families?
We can help members select the right plan for them and their business. We’ll ask you a few questions such as, “How much do you want to spend?”, “What elements of health insurance are important to you?”, “What type of work culture are you trying to achieve?”, “How do benefits fit into your total pay strategy?”
We will then come back to them with some recommendations that fit their unique employment needs.
Health insurance can be expensive. What can you and BABX offer to members?
Health Insurance IS expensive. No question about it. We help in two ways.
First, BABX offers a wide range of plans and costs giving you a choice of the best plans for your employees. Second, we negotiate with the insurance companies to get the best possible cost by combining the purchasing power of eight Builder’s Exchanges.
Bottom-line, health insurance protects your employees and their families financially in the event of an unexpected serious illness or injury that could be expensive. You need health insurance because you cannot predict what your future medical bills are going to be.
BABX has an annual Open Enrollment period where members can renew their health insurance options. But if a member is interested in joining now, do they have to wait for the annual Open Enrollment period?
No. New participants can join anytime. The "Open Enrollment" period only applies to plan changes for those employers already participating.
If your firm is interested in joining our Health Insurance Program or you have any questions regarding whatever plan you are currently in, contact Cindy Womack (BABX Insurance Customer Service Director) at 415-755-6316 or scraford@craford.com. Or you can reach NCBE’s professional insurance partners, Craford Benefit Consultants, at:
Michael Carlson
mcarlson@craford.com
415-755-6325
Stephen Craford
scraford@craford.com
415-755-6316
Learn more about our strategic benefits partner by going to their website: www.craford.com
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