Time for a Change: Employee Benefits Strategies

Sep 17, 2018

If the traditional health insurance plan your business offers is falling short, be it in coverage, cost savings, or access to quality care, it’s time to do something about it. Your health insurance offering should fit the needs of both you and your employees, so if you are looking for more customizable options, considering some of the following:

Reference Based Pricing. Also known as Value-Based or Cost Plus Pricing, Reference Based Pricing breaks away from traditional PPO networks and instead utilizes pre-negotiated pricing based on a widely accepted index, typically Medicare, plus a percentage of margin that is agreed upon by the provider and the plan.

Level Funding. Level funding helps employers enjoy the advantages of partial self-funding while still being able to maintain a consistent budget for employee health care. Monthly contributions are established to cover anticipated claim costs and fixed expenses. Claims that exceed the budgeted amount are paid by the stop loss carrier.

Health Savings Accounts. Health Savings Accounts (HSA) are tax-advantaged accounts that can be used for qualifying, out-of-pocket medical costs in conjunction with a high deductible health plan. HSAs can be used by individuals or families and funds that are not used during a calendar year may be rolled over to the following year.

Telemedicine. Telemedicine is becoming an extremely popular benefit because it enables plan members and dependents to access licensed, board-certified physicians in minutes by web, phone or mobile app. Members enjoy 24/7 access to quality health care while avoiding costly emergency

room or urgent care visits.

Association Health Plans. Association Health Plans will make it possible for bonafide associations to offer group health care plans to member companies. While requirements vary from state to state, these plans should provide thousands of small businesses to enjoy the economies of scale traditionally available only to large employers.

It’s time for a change! Contact us to learn which option may be best for your organization.

Posted In: Benefits & HR

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