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New Healthcare Landscape Means Seeking New Options

Healthcare premiums continue to rise each year, reaching an average annual premium in 2014 of over $16,800 for employer- sponsored family coverage and over $6,000 for single coverage(1).

As the ACA introduces new taxes, fees and restrictions on fully insured medical plans, employers are forced to seek new ways to stretch their healthcare budgets. many employers are turning to self- funded health plans for solutions. Traditional fully insured employee benefit plan membership dropped over 10% in a single year from 2013 to 2014 as self-insured membership rose in that same time period(2).

Benefits of partially self-insuring your employee benefit plan include:

Cost Savings –For traditional fully insured groups, expenses such as the Health Insurance Tax and the Exchange User Fee are passed on to employers from box companies (the fully insured carriers) in the form of raised premiums. Self-funded employers are not subject to these same fees and taxes. In addition, you keep what you don’t spend each year instead of the box company keeping the profit of excess reserves.

Transparency – You know where ALL of your company’s health funds are going. GBS will provide you the resources and expertise to implement strategies that improve costs, and you see where every single penny is spent.

Administrative Control – Gain control over how your company’s health funds are spent, improve cash flow, and tailor your benefit plan and administration process to the needs of your organization and its members instead of being forced to accept off-the-shelf plans from box companies.

GBS will partner with you to provide viable options for your employee benefits and help you determine if self-funding is the right choice for your company.

To learn more about the options GBS can provide for your employee benefits,
request a proposal or watch this short video.

 

(1) Kaiser Family Foundation2014 Employer Health Benefits Survey

(2) Modern HealthcareSelf-service insurance: Insurers forced to
compete harder for self-insured customers

Posted 12:00 PM  View Comments

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