Furniture First Announces New Health Insurance Program for Members
Furniture World News Desk on
8/31/2017
Furniture First recently announced that they are offering a new health insurance program for members that will allow them to cover their retail employees at a lower cost. After a long period of research and testing the buying cooperative chose to go with an investment advisory group that serves as a third party administrator to provide stop loss coverage for self-funded health insurance. The structure provides security and mitigates risk for self-insured programs while keeping overhead expenses to a minimum. This allows retailers to build a reserve fund for medical expenses. The program has a proven lower cost of administration and transparent fee structure that can save retailers 14% - 50% per employee group, while maintaining the same level of coverage as conventional health insurance plans. Individual, spouse and family coverage will be offered for employer groups of five or more employees. Members will be able to start coverage at any time.
“We researched for an appropriate solution for a long time,” said Amanda Daubert, Director of Services at Furniture First. “We now have a program that offers substantial savings to our members and is available in all 50 states. We know that this is something they need to help their businesses now and in the future.”
Furniture First staff members are going through training and licensure to help administer the program for the group and remain HIPAA-compliant. A national network lowers the risk for employers and gives them more control over their plan design. A USA-based customer service department provides support.
“Our members think of their employees like family, and they want to take care of them,” said Andrew Kauffman, CEO of Furniture First. “But like any family, they have to budget and plan for the future. A big part of that is keeping expenses in line, and that is just what this program is designed to do.”
More about Furniture First: Furniture First is a cooperative national home furnishings and mattress buying group serving full line independent retailers with sales over $2 million. The group represents 472 store fronts in 47 states, collectively generating $2 billion in retail sales.
Furniture First’s High Point and Las Vegas showrooms display the group’s private label mattress line, Mattress 1st, along with selections from several of the group’s vendor partners. For more information, visit www.FurnitureFirst.coop/join or call 800-411-3477.