GMB Ep #100: Reducing Small Business Health Insurance Costs With John Butler

 

Health insurance is an essential aspect in recruiting and retaining employees as well as sustaining productivity and employee happiness in a small business. In today’s episode, we have a distinguished guest, John Butler, joining us to take a deep dive into what business owners should know about health insurance. John is a national C-suite health benefits consultant, strategic coach, and the author of “Health Insurance Sucks,” the number one ranking book on Amazon in its category. Throughout this episode, John shares his insights on how businesses can reduce the cost of the health insurance they provide to their employees.  

 

 

Show Notes

[02:22] John’s background – John shares his journey and what inspired him to write the book “Health Insurance Sucks.” 

[05:25] Healthcare Costs – John explains his observations and findings on numerous methods to reduce healthcare costs. 

[07:05] PEO – John describes how small businesses can benefit from Professional Employer Organizations. 

[08:20] Custom Plan Solutions – With a comprehensive analysis, John points out how a custom health plan assures the highest quality service with a reasonable cost. 

[18:56] Insurance Companies and Brokers – John talks about the relationship between insurance companies and brokers, and shares his thoughts from the perspective of each party. 

[34:15] Federal Requirements – John explores the federal requirements and penalties related to employees’ health plans. 

[38:54] Health Sharing Programs – John emphasizes the significance of health sharing programs. 

[48:28] Current Social Context – The healthcare insurance industry consists of many complex layers. John shares his take on the healthcare plans in the current social context. 

 

 

Resources

Connect with John Butler: 

Website: jb-benefits.com/ 

LinkedIn: linkedin.com/in/jbbenefitsconsulting/ 

 

Mentioned in the Episode 

Health Insurance Sucks – The Moral Case for Better Business Healthcare: goodreads.com/book/show/58502517-health-insurance-sucks—the-moral-case-for-better-business-healthcare?from_search=true&from_srp=true&qid=KIWCNRWz38&rank=1 

GMB Ep #99: Maximizing Workplace Benefits With FSAs and HSAs

 

The open enrollment period for Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) is approaching. During the enrollment period, employees can enroll in or amend their contributions for the future year for FSAs and HSAs, which they can use to pay for their healthcare-related expenses. We dedicated today’s episode to taking a deep dive into several vital facts related to FSA, Dependent care FSA, HSA, and the numerous ways to maximize your workplace benefits under each of them. 

 

 

Show Notes

[04:37] Flexible Spending Account (FSA) – Grant explains what FSA means, how it works, and who can contribute.  

[07:55] Plan the Health Expenses – Why it is essential to forecast the health expenses to pay them on a tax-deferred basis through FSA versus paying out of pocket. 

[09:18] Spend the Fund at Pharmacy – Beneficial features of FSAs, such as the ability to spend the funds at a pharmacy, and why having this option is significant. 

[10:10] Dependent Care FSA – Grant explains the purpose of a Dependent Care FSA, its benefits, and several facts to keep in mind if you are considering using one. 

[15:30] HSA – How to contribute to and HSA and the fantastic tax benefits and investment opportunities that come along with it 

[19:12] Eligibility for HSA – Grant explains the eligibility requirements for HSAs, including having a High-Deductible Health Plan (HDHP). 

[26:00] Connection to the employer – Grant discusses the connection between your HSA and your employer, and why employees can take their balance with them when they’re switching employers. 

 

Resources

What Is a Flexible Spending Account (FSA)?
investopedia.com/terms/f/flexiblespendingaccount.asp 

 

What Is a Health Savings Account (HSA)?
investopedia.com/terms/h/hsa.asp 

GMB Ep #80: Digging Into Healthcare Costs With Sailee Bhambere

The healthcare system in the United States is extremely expensive compared to other developed countries, and it has escalated to a point where healthcare costs have become a major financial burden for many people. In today’s episode, we have a distinguished guest who specializes in public health. Sailee Bhambere, a medical doctor with a master’s degree in Public Health from Harvard University, joins us today to talk about why healthcare is so expensive in the United States. Throughout the episode, we dive deep into Sailee’s research on the issues of the US healthcare system, why it’s extremely expensive, and how it could be improved. 

 

 

Show Notes

[02:28] Sailee’s Background – We start the conversation with a brief review of Sailee’s work in the healthcare industry and how her research contributes to improving the quality of healthcare.  

[05:56] Studying the Healthcare System – Sailee shares with us what she focuses on in her research to identify issues in the healthcare system. 

[09:00] Why Healthcare is Expensive – Sailee shares her take on how expensive the US healthcare system is and some of the contributing factors to these high costs. 

[14:00] Preventive Healthcare and Personal Responsibility – How our personal habits contribute to our health over a long time and how preventive healthcare could be improved in a way that makes it easier for citizens to develop healthy personal habits. 

[17:12] Free Market Capitalism and Healthcare – Grant and Sailee discuss their views on how the free market environment in the United States influence the healthcare system and how other developed countries have taken measures to reduce healthcare costs. 

[23:00] Most Important Policies – Sailee shares her thoughts on what policies she’d put in place if she had the authority to do so. 

[26:00] Complexities – Why the US healthcare system is extremely complex and how the policymakers can approach reducing the complexities. 

[31:40] Administrative Costs – The administrative costs in the US healthcare system are significantly higher than they are in other developed countries. Sailee shares her thoughts on the reasons that cause this discrepancy. 

[36:34] Burnout – One of the major issues healthcare professionals are facing across the industry is burnout, which is a result of overworking as well as complex administrative tasks embedded into their workload. Sailee shares her thoughts on how this affects the performance of the healthcare system.  

 

Resources

Connect with Sailee: linkedin.com/in/sailee-bhambere 
Sailee’s Research: www.researchgate.net/profile/Sailee-Bhambere 

GMB Ep #72: Here’s an Opportunity to Pay Less For Health Insurance

State exchange programs for health insurance are one of the provisions introduced in the Affordable Care Act back in 2010. Under this provision, the federal government may subsidize some of your insurance premiums if your income is low enough. The new stimulus package passed by President Biden extends this provision to allow more people to reduce the amount they pay out of pocket for insurance premiums. In today’s episode, Grant covers how this legislation works, who qualifies for these benefits, how and when to enroll, and things you should consider before switching from your current health insurance plan.

 

 

Show Notes

[02:47] The Legislation – Grant reviews the legislation that facilitates this opportunity and the motive behind passing this law.

[04:03] State Exchange – How the state exchange program works, criteria for qualifications, and how taxes come into play when you receive the benefits of this.

[10:02] New Updates – Grant reviews the changes that have been added to this legislation with the most recent stimulus package and some of the planning opportunities that come with the new changes.

[13:43] Breaking Down the Math – Grant explains a couple of examples of the premium subsidies and how much money you might save by utilizing this opportunity.

[16:53] Enrollment – Gant reviews the special window for enrolling in this program that expires on May 15 and why you should consider taking advantage of this opportunity.

[20:46] Deciding Whether to Enroll for Exchange Policies – Grant shares his take on a few things to consider when deciding whether it’s a good idea to obtain a policy under this program based on your current healthcare plan and some other factors.

 

Resources

Ep # 68 – Dissecting the New Stimulus Checks & Recovery Legislation: The American Rescue Plan Act of 2021