A cost-containment strategy for health insurance premiums
Tired of paying double-digit health insurance premium increases? Seeking more clarity on how your group benefits dollars are spent? Thinking about taking workplace wellness to the next level? For these reasons and more, many employers are turning to self funded health insurance.
According to a recent PwC survey, sixty-six percent of companies with 500 to 1,000 employees are now designing their own health plans and fronting the costs themselves, up from 59 percent in 2014. There’s a good reason. With a self-funded health insurance plan, employers can:
- Design their own group benefits plan, including terms of eligibility and which benefits to offer
- Negotiate their own medical fees for elective procedures (i.e., knee/hip replacement) using reference-based pricing
- Access and analyze their own group benefits claims data
- Know how every group benefits dollar is allocated
- Significantly cut costs compared to traditional health insurance premiums
- Control the total risk with smart reinsurance strategies
Here at BeaconPath, we offer a wide-range of alternative group benefits funding solutions. Would you like to know if your company is a good candidate for self funded health insurance? Download our Self Funding Self Assessment Checklist here.