I understand that there are times when most employers feel a sense of hopelessness with their group health insurance. They may think that it’s just a shell game where all of the insurance companies offer pretty much the same thing with the exception of their proprietary PPO network (which is actually true) and there’s not a significant difference in cost (which is also actually true).
One insurance company’s administrative fees or stop loss might be slightly less than another but they are all pretty much the same. While the composition of the PPO networks may be different, at the end of the day they all have pretty much the same discounts with the same providers.
Employers are caught in the same routine every year upon renewal (the Definition Of Insanity) – shop for a new insurance company with purportedly lower costs, change the plan design slightly by raising everybody’s deductibles, or increasing employee contributions. Some employers may offer an additional plan to give employees a choice but at the end of the day it’s still cost shifting. I understand the sense of hopelessness.
What can be done to turn this around? Challenge the status quo of insurance companies and keep an open mind to the abundance of alternatives that can make the plan financially sustainable for their company and affordable for their employees.
There is a growing group of certified Health Rosetta Advisors across the company (of which I am one) that are helping employers challenge the status quo and bringing real results to the table. It’s about challenging the way employers have always purchased health insurance and healthcare. We are effectively changing the insurance world that we have all come to know for decades and defeating the beast. It involves changing the way that employers have historically dealt with:
- brokers and consultants
- networks
- medical providers
- prescriptions
- insurance companies
- stop loss
- community purchasing
- data analytics and reporting
Making a change in a health insurance plan doesn’t have to be difficult. Because our approach doesn’t necessarily change the benefit design or benefit package, continuity of coverage and benefits isn’t an issue. The focus is on the financial aspect of the plan and making determinations as to the best way to pay for it. The savings we have been able to achieve range from 20-40% over current models.
Additionally, rolling out a new plan is rather easy too. Utilizing Zoom technology we are able to record announcements, conduct open enrollment meetings, and follow-up education to employees by recording each of the sessions and then distributing the URL to HR, who can in turn pass it on to current employees as well as keep it for new hires.
So while the “new normal” is quite different than what has occurred in the past, it’s actually more efficient, more comprehensive and more cost-effective. So now more than ever, there is no reason to feel hopeless about your health plan and its cost. Check it out.
Be well and stay safe.
You can reach me at 970 – 349 – 7707 or email me at [email protected]