A while back, I wrote a post – streaked with moaning, griping, and general irritation – about my struggles in finding an adequate benefits plan as a small business owner. The challenge was finding an affordable plan that offered reasonable benefits and did not exclude pre-existing conditions. Then a beautiful thing happened: I was corrected.
Mostly constructively. Thanks for that.
I was directed to check out the plans offered through the BC Chamber of Commerce, and they really fit the bill. Membership is based on business size and the fees are reasonable: $210 a year for a business with five or fewer employees, $400 a year for six to 10, and up from there.
The application process has been straightforward and, to my delight, we’re able to offer our staff more than just medical and dental benefits – and at a price similar to what we were paying before. The add-ons include things like critical illness, disability insurance, and basic life insurance.
Cliff Pipke, the BC Chamber Group advisor I’ve been working with, tells me that his company's plans – which have been around since the early ‘70s – are particularly well suited to sole proprietors or firms with fewer than 50 employees. He’s been great at putting together different plans, tailored to the needs of our staff – thirtysomethings in generally good health who are more concerned with coverage for chiropractic care and vision than for drugs.
I can’t make promises about your own firm’s coverage, but I can say I have been duly schooled. I should write a dirge for the hours I 've spent researching other options and the dollars I've wasted o on inadequate, expensive insurance I’m paying for privately (and will shortly nix).
Sole proprietors leaving a job or school that had great benefits would do well to look into a plan like BCAA’s Follow Me Insurance. The Follow Me plans allow you to transfer your existing benefits package into a personal plan if you apply within 60 days of leaving the other plan. That said, you may want to learn from my mistake and also do some research into the Chamber plans.