Pilot2013
Full time employment: Posting here.
Anyone heard of this? A friend considering ER (before 65 and Medicare) is looking at this as a way to bridge to Medicare. Just wondered if anyone has tired it or has any information.
Try a forum search. There have been multiple discussions over the past year.Anyone heard of this? A friend considering ER (before 65 and Medicare) is looking at this as a way to bridge to Medicare. Just wondered if anyone has tired it or has any information.
Most of the money ($115M) goes back out the door to members, leaving admin expenses at 26% -- pretty high for a charitable organization or an insurance company. Nothing in the expense side really jumps out, though. I can't judge $4M salaries or $2.7M office expense because I don't know the business but >$50K/week for office looks kinda high.
I'm certainly no expert at reading financial statements but I read it a little different. Total expenses were $129M, of that $115M was paid back to members for medical care. The remaining expenses (salaries, etc.) of $13.5M is about 9% of revenue.
Well ... size really doesn't have a lot to do with whether something is a family business or not. Fidelity Investments is a family business, Billy Graham Evangelistic Association is a family business, and I think it could be argued that Ford Motors is also a family business. When I look at something like this, I look to see how the top guy is paid, whether his family also works in the business, and whether it appears that there is turnover in the top job, i.e. is the top guy the founder or a hired professional manager. Strictly speaking, no one owns a nonprofit so it cannot literally be a family business but when a nonprofit is controlled by a family or an individual there is opportunity for malfeasance. For example: Ex-nonprofit CEO Davis pleads guilty to 16 fraud, theft charges - StarTribune.comI believe Christian Healthcare Ministries has over 100K members so it's more than a family run business. No idea how many employees it has.
A more accurate thing to say is that they paid out about 3/4 of income to members. The difference, went to assets. This may simply be a delay between receipt of funds and payouts or it may actually be profit.
The kicker I unearthed is that the ministries plan also excludes all 'recreational' injuries. As an avid cyclist that's probably one of my highest risks... So read the fine print and exclusions carefully
Care and treatment of an injury or illness that results from engaging in a hazardous activity is not eligible for sharing. An activity is hazardous if it is an activity which is characterized by a constant or recurring threat of danger or risk of bodily harm. Examples of hazardous hobbies include, but are not limited to, rock/cliff climbing, spelunking, skydiving, or bungee jumping.
Charges for treatment of injuries or illness while racing or competing as a professional are not eligible for sharing. Professional racing means that such activity is one’s primary vocation and means of financial support. Professional racing and competitive events include, but are not limited to, automobile, motorcycle, watercraft, ski or rodeo races or competitions.