A Way to Make Money and Provide Insurance For Everyone!?

Question

OK, group health insurance rates are much cheaper than individual or small business rates. So what you do is you form a "shell" company that "hires" people without health insurance, thus enabling you to obtain group rates and pass it on to these people.

The way I figure it, if the cost is, say, $200/month, then they pay, oh, $215...and you pocket the $15 for administrative fees and profit.

How do they "work" for you...hmmmm. Maybe you work it as an "investment company" --and that extra $15 is invested for them, with them getting part of the earnings? Or maybe they do some little thing for you in return (e.g., research things on the internet)...

As far as their salary...it could be based on commissions or on investment returns.

Just wondering why this wouldn't work.

Thoughts?

Answer 1

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Answer 2

OK

a) group policies are not 'cheaper' than other policies, they just seem cheaper to you because your employer pays a percentage and helps administer the plan (or self-insures).

b) do you think the health insurers are not going to figure out that you're a fake company?  OK everyone who can't get individual insurance call me and I'll get you onto our group plan! Yeah I'm sure some insurer will want a piece of that.

c) group plans are billed to the company. You want to be the one responsible for collecting premium from all these people who don't have insurance?  A client base of people who don't have steady jobs, sounds like a winner.