AASP-NJ offers members an Association Health Insurance Plan

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The Alliance of Automotive Service Providers of New Jersey announced Friday that members could participate in a new association health insurance plan.

Association health plans allow members of a trade group to pool their buying power and get a better deal than those companies could get going it alone.

“AASP/NJ has qualified and been approved for this program, which allows the association to purchase healthcare benefits at competitive rates and provides unlimited coverage to large medical groups for businesses ranging from small owner-operated stores to megastores,” the trade group said.

The organization is working with Joe Amato Sr.’s Amato Insurance Agency (a division of World Insurance Associates) on this initiative.

“Due to AASP/NJ’s buying power, we offer products at exceptional prices as low as $310 per month for an individual and $932 per month for an entire family, regardless of size or age. “Amato said in a statement. “As part of the association’s health plan, we can provide members with robust medical insurance that could be significantly less than what they currently pay.”

Amato Insurance Director Joe Amato Jr. said Monday that those costs relate to the employee’s insurance. He said there was no cost for a business to start the plan.

Amato Jr. said six plans exist, each offering options for individual employees, a married couple, an employee with children, and a full family.

Nationally, data from the Bureau of Labor Statistics for March 2020 indicates that the average private sector company paid $457.62 of the flat rate medical premium for a single person and $1,121.07 of the medical premium family lump sum each month. Employers covered on average 78% of medical premiums for single people and 66% of family medical premiums.

Assuming their employees pay the rest, this would represent an average overall single medical premium of $586.69 and a family medical premium of $1,698.59.

The Bureau of Labor Statistics reports that 55% of private sector companies offered health care in March 2020, the most recent data available.

Collision Repair Education Foundation and I-CAR surveys found nearly 70% of collision companies offered health insurance in 2016 and 2019, although the percentage dropped about 10 points from 2013 .

All AASP-NJ members are eligible to participate, even those from out of state. Several franchise and Health Savings Account (HSA) options are available. Benefits include out-of-state use of “a large national network,” round-the-clock Teladoc service with no co-pays, and a “hassle-free fast service line” for members, according to AASP-NJ.

“No more waiting two hours for an answer!” Amato Sr. said in a statement.

Anyone interested should contact Amato Jr. at 732-530-6740, ext. 412, or joejr@amatoagency.com, or AASP-NJ Executive Director Charles Bryant at 732-922-8909. Nonmembers interested in joining AASP-NJ can contact Bryant or call the organization at 973-667-6922.

“We are truly proud to be the first to bring this opportunity to New Jersey,” Amato Sr. said in a statement.

On Monday, the AASP-NJ website also asked members to complete a health questionnaire to help determine rates. He said the data would be kept confidential and participation in the survey would not commit the company in any way.

The Society of Collision Repair Specialists launched a similar association program in 2019 for retirement accounts.

This association program also leverages purchasing power by reducing fees once the collective amount of retirement assets reaches various thresholds. It allows members to share the cost of mandatory annual audits.

Its structure could also save owners time on due diligence and fiduciary responsibilities.

More information:

“AASP/NJ Launches New Health Care Plan”

New Jersey Automotive Service Provider Alliance, January 25, 2021

AASP-NJ Personal Health Questionnaire Flyer and Survey Link

Pictures:

New Jersey Alliance of Automotive Service Providers logo. (Courtesy of AASP/NJ)

Data from a Collision Repair Education Foundation and I-CAR study that got at least one question answered from over 675 workshops. (Provided by CREF)

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