Filip Lundstedt

speaker
192 appearances 2 recordings 2 series first heard Mar 2025 last heard May 2025

Filip Lundstedt’s voice in public audio — every appearance, attributed to the second.

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Living The Red Life · Filip Lundstedt on Turning Insurance Into a Profit Machine · 6 Mar 2025 podcast
Even like, you know, the book's an extreme thing, but even like the title of the book or in the chapter outlines, right, could work. And for you, like come in prepared.
Exactly. You know, it's super smart. And especially when you're dealing with small business owners, because they're not thinking about insurance most times, right? They're thinking about commissions and systems and strategies. And then they're like, well, I'm a small business. I don't have to offer health insurance. Why would I?
I think that's right. Yeah. So let's leave. Let's transition into that. Why would they?
Right, so why would you offer health insurance? Well, it depends on what kind of business owner you are, right? We kind of talk, some people are just salespeople and they just sell. They don't ever grow from there. And some business owners are just like, well, I'm okay doing 80 grand a year. And I'm like, it's a hobby then, right? Like you have a hobby, not a business.
Every business is eventually going to want to grow and then eventually want to scale. And a great way of doing that, because we have to remember as entrepreneurs and business owners, We know how much money we can get, so we don't have a cap on that. But the people that you want working for you that maybe are W-2s, they don't have that same mindset. They want security and safety.
And benefits are some of the biggest things that employees are chasing.
I mean, I learned about that like when we were hiring and growing to, you know, 50 people plus in office, it was coming up all the time, right? As an entrepreneur, I don't know. Yeah, right. You know, and I would have to just keep sending them to HR and eventually I got so sick of people asking us, I had a one pager made so I could just say, here it is. So it's funny how much that's valued.
And at one point, because before we really took it seriously, I was just like, oh, we'll pay you another 500 a month. And then it's like, figure it out. But they didn't even want that. They were so crazy about it. So that's so important for people listening, because you think as an entrepreneur, whatever, right? But to a normal person, that's so important.
And I think to a lot of the employees, it's not even for them. It's their nagging spouse. So you're not taking that job. The kids, right? Yeah, exactly.
It's like we call it spouse in the house. You have one that works and one that doesn't or one that's an entrepreneur and one works. My situation, my wife has a W2 job, great job. She's got phenomenal benefits. So I'm like, I don't have to go out and get private health here. I get phenomenal benefits here.
And then I add these other little plans to make it a better 360 degree amazing product, right? Because it's a better strategy when I get involved and I start putting indemnity policies in and HSAs and all these extra things, it really limits our out-of-pocket expenses if something were to happen, right?
So in most cases, I'm making money if I go to a doctor or I go to a hospital or have a surgery, I'm gonna make a profit. And a lot of people are like, how is that possible? So you just got to structure your strategies correctly, right? With indemnity policy.
Well, let's talk about that for a couple of minutes and then we'll come back to the what to add for your employees. So if it's a solo entrepreneur listening, they just need it for themselves. What are a couple of these good extra things to add?
So I think like it all comes down to your lifestyle and your budget, of course. And you've got two kinds of people, some people that have a very clean lifestyle and people that don't have a clean lifestyle. Whatever, I'm not here to judge. I mean, it is what it is.
If you have a very clean lifestyle and you're not drinking, you're not drugging, you're pretty healthy, going with like health share ministries, right? Like ministry programs can be phenomenal because they're such a low cost. And they have this share program, which is a deductible that's relatively low. And then it's 100% coverage afterwards. So it's really great to get in those.
And then you put like a hospital indemnity on the back end or like what we call a mega indemnity that covers everything. So when you go to the doctor and you have a $40 copay, this other insurance company is sending you 125 bucks. So you're making a profit.
Just explain that at a third grade level to people.
Of course. Of course. So imagine, I'll give you a great example. You fall off a ladder or you're riding your bike, right? You're riding your bike. You fall off the bike and you hurt yourself. You dislocate your shoulder. You've got to go to the emergency room. You go to the emergency room. You've got to co-pay for that. Let's say it's $400. That's your co-pay. So you go in the emergency room.
Now you owe $400. Then they keep you overnight in the hospital. Then you've got another let's say $2,000, $2,500, because you have a deductible. Well, now you're up to $2,900. You get this other program from another insurance company that makes you a bet. And they say, well, I bet you won't, nothing will happen to you. And you just got to pay me $100 a month.
And if something does happen to you, we're going to pay you out. So you say, okay, great. You go to the emergency room and they say, okay, now we owe you $300. So they offset 300 of the 400 that you have to spend. Yeah. So you're like, okay, now what about the rest of the money that I owe, the $2,500?
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