Evaluate Financing Options
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Have you always been fully-insured and curious whether or not there’s another way?
You’re not alone. Historically, employers would have had to take a real gamble or have hundreds of employees to entertain the idea of self-insuring their health plan. That has all changed as there are now opportunities where this sort of financing strategy can work for employers with as few as 20 employees.
Take time to evaluate other financing options.
Our advisors view financing options on a continuum, which includes fully-insured, Health Reimbursement Arrangements, Partially self-funding, Level-funding and Self-funding strategies. Consider one or all of them. But don’t try and do it 45 days before your renewal. The concepts are different and can be complex—attempting to switch strategies during the already challenging time of your benefits renewal and open enrollment will be discouraging.
Some insurers will let employers offer up to 27 different plans. Sure, 27 is overwhelming, but four to five options better accommodates employee needs than one or two.
Health Reimbursement Arrangement
Many employer plans are purchased with an eye towards accommodating the highest utilizers, which means the rest of your employees are over-insured.
Maintain the cost certainty of month-to-month premium costs, but share in the upside during those years your employees utilize the plan less.
Wellness initiatives work best when your health care costs are based on the health of your employees — not on the health of the entire health insurer’s pooled population.