The Group Health Insurance industry continues to change with premiums continuing to rise. You have probably changed insurance carrier’s multiple times hoping to secure for the deal of the year.
So, the question is: Is that all there is? Change carriers and tweak my benefits?
What To Consider In Your Group Health Plan Decision
Not all Group Health Insurance plans are the same and one of the largest problems we come across in the industry is that so few companies are aware of all of their options. Most of the time, the reason behind this is because businesses are often dependent upon their insurance agent to present them with their group health options. In doing so, it is important for businesses to note and understand that like the differing group health plans on the market, not all agents are alike. Agents often differ greatly in regard to their level of experience and general knowledge pertaining to new and emerging trends in the industry.
Here at the AAOS Insurance Marketplace, we specialize in providing businesses with creative solutions that can greatly reduce their health insurance premiums, while still maintaining a comprehensive list of benefits that satisfy your employees and promote attraction and retention.
Perhaps one of the latest trends that many businesses have found themselves considering over the course of the past two years is something called level-funding.
Level-Funding is a partially self-insured option that functions just like a fully-insured plan and has little to no risk involved due to the built-in stop-loss insurance provisions. If your business qualifies, your premiums could end up being 10 to 15 percent less than what they would have been with a traditional fully-insured plan.
With a level-funded plan, there is no need for a separate bank account and the hospital and physician networks are nationwide and very large. As an added bonus, if your business has had a successful year and the claims are low, you may be entitled to receive a refund of up to 50 percent of the claims surplus. Some level-funded plans now offer no network limitations, giving you access to any doctor or hospital across the country!
Are you worried about the possibility of your deductibles resetting if you make the change now? One of the many great things about level-funding carriers is that they will give you credit for any deductible you may have met up until the point of transition.
So, when closing out your year, rest assured that there is no rule or law stating that you must settle for your same Group Health Insurance as opposed to weighing your options. Be confident in your decision. It is important to take the necessary time when you are not busy to explore your options and a level-funded option may prove to be a great place to start.
Need help finding an Employer Group Health plan? We’re here to help! As a valued member of the AAOS, you have unparalleled access to our team of highly-trained licensed Benefits Counselors. Our Benefits Counselors are ready and able to answer any questions you might regarding your current policy, and if necessary, will help you find any even better fit for your business.
We know that one size, does not necessarily fit all when it comes to Group Health Insurance plans. To learn more about what the AAOS Insurance Marketplace can do for you, visit us at www.aaos.memberbenefits.com/employer-groups/.