Striking Balance: Cost and Volatility of Your Health Insurance
Employers face the dilemma of containing increasing costs while wanting to offer great health insurance coverage to employees.
There are a number of ways to pay for your health insurance that claim to contain ever-increasing healthcare costs while still offering great coverage to businesses of all sizes, but the truth is that each of these options falls short compared to the national healthcare program we can provide you.
According to a recent Kaiser/HRET survey of employer-sponsored health benefits, 63% of U.S. employers are self-insured. The breakdown is as follows:
- 94% – 5000+ employees
- 82% – 1000 to 4999 employees
- 56% – 200 to 999 employees
- 17% – 3 to 199 employees
The moral of the story is that companies that are large enough to self-fund do.
OverView’s approach to self-funded health insurance
Our model makes self-insurance possible for the employer at a smaller company (those with 50 or more employees enrolled in health insurance). We utilize a collaborative, self-funding approach that includes the following:
- No new-laser Stop Loss contract
- Rate increases that re banded each year, eliminating the risk of a huge rate increase
- 30% rate cap on the Stop Loss
- Lower costs due to reduced carrier profits, reduced taxes, and regulatory expenses
- Access to comprehensive data regarding your healthcare spend. This data allows you to identify and attack healthcare costs at their source
- A selective risk pool – employers are carefully screened, and only employers who are committed to cost containment are permitted to join
In addition, you will have access to a number of cost-saving programs to help manage claims.
Self-funding through a collaborative approach decreases volatility while traditional self-funding may not.
You might have questions about striking balance. Contact OverView for the answers.
Are you wondering if your business is getting the best deal possible for health insurance?
Schedule a free consultation with Ben Hall and find out how your business can save money on this expense.