I joined primarily to lower my health insurance costs. What is likely to happen to my coverage and premiums as FSBRA grows?
Because of the outstanding portfolio of small business benefit plans developed by Blue Cross Blue Shield of Florida, the initial cost of health care coverage can be up to 20% less in some cases than similar plan designs. More importantly, the Florida Employee Health Care Access Act (F.S. 627.6699) permits the association to request classification as a “small employer health alliance group” once the association reaches its first anniversary in 2010. Achieving this classification permits the insurance carrier to collectively rate the entire group rather than rate each small business individually. This “Modified Community Rating” method allows the carrier to develop premiums that spread financial risk across a large population, which will help insulate FSBRA members from future premium increases. By taking advantage of these processes, FSBRA improves members access to the peace of mind associated with stable, predictable coverage and premiums.
