Sam’s Club Health Insurance Company can help businesses of any size save money on the high costs of insuring their employees. Many businesses struggle from year to year to come up with the money to provide health care for their employees and with the average yearly cost of $5,000 to $10,000 per person, it is no wonder that smaller and start up businesses have difficulty affording the costs. Sam’s came up with an innovative solution to this problem in 1996, and since then companies can use Sam’s Club Health Insurance Company to provide quality and affordable options to their employees.
A Sam’s Club health insurance plan may or may not be right for you so be sure and do your homework. There are many different health insurance companies across the United States that offer both individual and family coverage.
Read through this Sam’s Club Health Insurance review, take a look at the reviews of Sam’s Club Health Insurance left by customers at the bottom of this page, and then use the box on the right side of this page to compare quotes from many different health insurance providers to see which is the best choice for you.
Sam’s Club Health Insurance: History
Sam’s Club is a paid membership club that offers their members a discount on name brand items when purchased in bulk. Sam’s Club offers three membership plans: Advantage Membership, which is for non-business members, Business Advantage or Business Advantage Plus. With membership every member, whether they are a business or an individual, has the option of taking advantage of Sam’s Club health insurance. While Sam’s Club has been around for 25 years, their health insurance option was not formed until 13 years ago, but that has not stopped it from providing a great option for employers.
How the Sam’s Club Health Insurance Plan Works
The Sam’s Club health insurance plan works like this. An employer wants to offer their employees health insurance as part of their benefit package; but, realizes that they cannot afford the cost of a group plan. Sam’s Club, in conjunction with Extend Benefits Group, LLC makes it possible for the business owner to give tax-free money to their employees so that they can purchase their own individual policies from the list of providers offered by Sam’s Club and Extended Benefits Group. As group plans cost more than individual plans, an employer can save 25% or more on health insurance for their employees. As the plans being purchased are individual plans, the employee can assume the cost of the plan if they leave the company and continue to maintain their health insurance.
How to Apply for Sam’s Club Health Insurance
Extend Benefits Group, LLC offers what are called defined contribution benefits and programs to the employees and retirees of enrolled companies. What’s more, they offer individual plans as well. Sam’s Club offers these individual pans (not purchased through an employer) to all of their Sam’s Club members who wish to enroll. For any businesses who have a Business Advantage Plus plan, the fee to enroll in the Extend Benefits plan is free. However, for non Sam’s Club members or for those enrolled in other levels of Sam’s Club membership, the fee is $200; this is a one-time fee.
Sam’s Club Health Insurance Benefits
Sam’s Club health insurance plan options vary depending on what company that you choose to use for your health care. Once your employer decides how much money they are going to contribute to your health care, you are referred to an Extend Benefits representative who helps you to determine which health care plan is best for your. They will also walk you through the different plan options such as Indemnity plans, HMO, PPO, or High Deductable plans. Each of these plans has good points, which your Extend Benefits representative will discuss with you.
They will explain to you the difference between an Indemnity, HMO and PPO plan and will also discuss the pros and cons of a High Deductable plan. They will also discuss with you the option of contributing your own money so that you can get a better plan. Typically, an employer contributes about 70% of the monies needed for a health care plan and the employee pays the rest. However, a high deductable plan can make your employer’s dollars stretch quite a bit, but you need to remember that this will increase your out of pocket costs considerably.
Choosing the right plan for your family will depend on your employer’s contribution, how much you can afford to contribute and the needs of your family as well. A single man, for instance, does not need the same amount of coverage that a family of five might need. It is important to note that because you are choosing an individual plan, it is likely that you will need a physical for certain plans (but not all of them) and some plans may not cover pre-existing condition. However, once you are approved for one of the many available plans, you cannot lose your insurance for health reasons.
Sam’s Club Health Insurance Providers
Extend Benefits Group works with the following provider companies: Aetna, Anthem Blue Cross Blue Shield, Assurant, Blue Cross Blue Shield, Blue Cross of California, Blue Shield of California, Blue Cross Blue Shield of Arizona, Blue Cross Blue Shield of Georgia, Blue Cross Blue Shield of Florida, Blue Cross Blue Shield of Illinois, Blue Cross Blue Shield of Texas, Carefirst, Celtic, Health Net, Kaiser, Regence of Utah, Regence of Washington, United Healthcare and GoldenRule. Because they work with so many different insurance companies, Sam’s Club health insurance can be purchased in every state.
This provider also offers a Health and Medical discount program though OptumiHealth Allies, a subsidiary of United Health Group. This discount program is free for Business Advantage Plus members and is $14.50 for all other Sam’s Club members. This plan offers discounts of 5% to 50% on certain health care procedures. Although not the best for an individual plan, this is a great addition to a health care plan as it pays a percentage of certain costs not covered by health insurance, such as Lasik, teeth whitening procedures, braces, and more.
Sam’s Club Life Insurance
Sam’s Club Health Insurance Company also offers life insurance for their members. The insurance may not be available in every state as it is offered by Extended Health, Inc. who is not licensed in every state. You can also purchase auto insurance, pet insurance and commercial insurance from Sam’s Club as well.
Compare Sam’s Club Health Insurance Quotes!
No matter who you are, you need to carry health insurance. It may seem to you that health insurance is too expensive, but the truth is the more expensive option is to go without health insurance. In addition, uninsured individuals die sooner than those with insurance because people without insurance rarely make preventative care appointments. Typically, they will only visit a doctor when they are feeling sick.
Whether you are a business or an individual looking for health care options for yourself or your employees, you can use our free quote tool to compare your Sam’s Club Health Insurance quotes with quotes from other health insurance companies. Get started comparing quotes from top health insurance providers today!