Escalating Premiums: Healthcare costs continue to rise, impacting both employers and employees.Business Insider+1Indiana Careers+1
Limited Control: Traditional insurance models often leave businesses with little say over plan structures and costs.
Opaque Pricing: A lack of transparency makes it difficult to understand what drives premium increases.
With fully insured plans, you pay a fixed premium to the insurer each month. This option is ideal for businesses that prefer a predictable expense. However, it provides limited flexibility and often includes rising premiums without a clear reason. The insurer keeps any unused funds, even if your employees had fewer claims.
This hybrid option combines the predictability of fully insured plans with some of the financial advantages of self-funding. Your business pays a set monthly amount to cover claims, administrative costs, and stop-loss insurance. If claims are lower than expected, your business may receive a refund. This model offers more control and transparency without overwhelming risk.
In a self-funded arrangement, your business pays for claims as they are incurred. Stop-loss insurance is included to protect against unexpectedly high claims. Self-funding offers maximum control and transparency, allowing businesses to keep unused premium dollars and better manage costs. This option is best suited for businesses with healthy cash flow and a desire for greater customization.
Reference-Based Pricing: Tie reimbursements to Medicare rates, eliminating inflated costs and providing greater flexibility.
Virtual Health Options: Offer telemedicine services, including mental health support, to reduce unnecessary visits and enhance convenience.
Chronic Condition Management: Implement programs for managing long-term health issues, lowering overall claims costs.
Transparency: You'll understand what drives your healthcare costs.
Control: Take charge of how claims are funded and receive refunds for lower-than-expected claims.
Simplicity: Managing your benefits doesn’t have to be complicated. Today’s plans are designed with simplicity in mind, offering a comprehensive approach that includes everything from plan design to stop-loss insurance.
Ready to take control of your employee benefits? Book a consultation today to discover how you can save on healthcare costs while providing your team with the benefits they deserve.
BlackIron Financial