There are many different approaches to an employer sponsored health program. Options range from a standard fully insured approach with one major carrier, to partially self-funding your benefits, to even layering differently fully insured products to maintain a quality benefit level while at the same time lowering the cost with your major medical provider.
All of these options boil down to how the program is funded. You can have the exact same benefit level, but its cost can vary significantly based on how your benefit programs are setup.
If you are fully insured and have never looked at layering fully insured products or implementing a Health Reimbursement Arrangement (HRA) you could potentially be leaving a lot of money on the table, which is really profit for the insurance providers. By making small adjustments to your program, a good portion of your premium dollars could remain in your employees or employer’s pockets, which is where we all want our money to remain.
If that’s the case, we would love to show you how to keep the SAME EXACT benefit level intact, while cutting your company AND your employee costs at the same time.