How We Can Save You Money
At Sound Investment Services, we are an independent financial planning firm, specializing in providing benefits to small and medium size businesses. Our approach is value oriented with an emphasis on cost reduction, without sacrificing quality or service. Being an independent broker allows us to work with all the major investment and insurance carriers in the state, as well as, many of the association plans that are available.
With the wide array of plans and providers available to our clients, carriers compete to earn their business which results in better plans and better rates from all the major carriers. With the emergence of association plans, in the state, insurance providers are able to conduct simple health underwriting, which allows them to price groups according to their use of the plan. Rather than making everyone subsidize the groups with high health claims each year, providers are able to charge companies more appropriately. The result is typically even lower rates, for the same or better coverage than previously obtainable.
Health Insurance Quoting Process
Once we receive a company’s information, census, and plans of interest, we submit the request to several providers soliciting multiple bids on their behalf. As soon as we get the bids, we prepare a spreadsheet showing the current plan and the best 3-4 options from our providers. The spreadsheet details all the main points of comparison from each health and dental plan choice. This makes the price and plan comparison process quick and easy. After the perspective client reviews the comparison, we meet and provide a complete overview of the plans and carriers of interest.
Once a company becomes a client of our firm, we work hard to ensure that they are taken care of and continue to have the best plan at the best price. We will conduct an enrollment meeting, if desired, as well as handle all the paperwork and processing until enrollment is complete. We will re-shop the plan annually, at renewal, to ensure the rates and plans remain the best option.
What is an Association?
Washington State is unique in that is allows businesses to participate in health insurance trusts and associations. These associations group multiple businesses together allowing them to take advantage of big business pricing (typically require businesses to have 5 or more participating employees). Benefits are still exclusive to each business, but the grouping provides greater buying power, lower administration costs, and premium rates. Since associations are able to ask a few general heath questions, they can further reduce costs, according to the group’s health. Upon receiving your company information, we submit requests for quotes from the premier associations, in the state, as well as the providers, directly. Since we are appointed with multiple associations, we are able to provide each company with a wide variety of insurance providers and plan designs at a significantly lower cost.