Early 2019 insurance rates highlight a need for benefit alternatives

Inurance Consultant ClaimLinx offers employers a solution for rising health care costs

BOSTONJune 7, 2018 /PRNewswire/ — Insurance premium proposals for 2019 are rolling in this month, so far with requested rate hikes as high as 47 percent in some states. This on top of health care costs outpacing economy-wide inflation for the first time since 2010 forecasts a challenging market for business owners.

Nationwide insurance companies are citing policy changes to the Affordable Care Act, including the repeal of the individual mandate and expanded short term options, as the culprit for the requested higher rates.

Also driving up premiums are medical expenditures. They are expected to rise 2.2 percent this year, compared with 1.9 percent for overall inflation, according to the Center for Medicare and Medicaid Services.

Yet rising prices have done nothing to quell employees’ desire for improving benefits, as they’re now being used as a benchmark in a tightening job market. Employers are going to need alternative benefit solutions to stay competitive with the national unemployment rate dipping to 3.8 percent, according to the Bureau of Labor Statistics.

They’re going to need options like those offered at ClaimLinx, a full-service consultant, insurance agency and third-party administrator that specializes in guiding business owners through the insurance market with its own unique strategy for achieving the best, most affordable health plan.

ClaimLinx has pioneered a solution for purchasing health insurance that combines traditional high deductible insurance plans with a customized self-funded medical expense reimbursement plan. The resulting plan enables employers to offer top-notch benefits at a much lower cost.

Tom Quigley, National Benefits Consultant at ClaimLinx, emphasized that this has to be business owners’ first priority.

“You’ve got to be providing the best assets you can to your employees or it’s going to become your liability — no question,” he said.

What started as a small idea in Cincinnati about cutting costs on health insurance has grown to a nationwide service with offices in Boston and North Conway, NH. In 2017 ClaimLinx helped business owners save an estimated $3.2 million.

John Moore, President of the manufacturing company Ohio Metal Products, changed his company’s benefits plan to the ClaimLinx solution because of increasing costs and even more limited options.

“Our company has saved tens of thousands of dollars,” Moore said. “ClaimLinx can provide the benefits that we want, not what the insurance company suggests.”

Contact: Whitney Faber, (617) 892-4655
wfaber@claimlinx.com
www.claimlinx.com

View the published press release.

ClaimLinx opens new office location in New England

In order to better serve clients’ health insurance needs in the New England area, ClaimLinx has opened a second location in North Conway, New Hampshire.

Situated in the heart of town, just down the road from the train station and community center, ClaimLinx’s new office is a small but mighty addition intended to be a home base for the service team for clients in New England.

It’s been difficult at times to provide the personal service truly desired without a location central to these clients. That’s why President and Owner Christy Quigley said she was so excited to add this location.

“We’re really happy to be a part of the community there,” she said. “We know being local is so important, especially for the people in the area, so we’re so happy to be in the position to add this office.”

It will likely take a few more weeks to become settled in the location. There will also be an open house event for businesses and clients in the area, but the date of that event is still to be determined.

Please note for the future this is a satellite office, so it will not be staffed and open with the same hours as the Cincinnati location. Visits should be made by appointment only until a more consistent schedule has been determined.

Christopher Roach, Business Development Manager for the area, said he especially likes to see ClaimLinx in the center of town.

“You literally couldn’t choose a better location,” he said. “We’re right there, easy to get to, easy to find, easy to come visit.”

Find the new office at: 24 Reporter Court, North Conway, NH 03860.

 

Client Profile Subaru donates $16,500

This month Profile Subaru and Subaru of America, Inc. handed the Jen’s Fiends Cancer Foundation a check for $16,500. So we’re shining a spotlight on this client for giving so much back to its community.

The check was given as a part of the 2017 Share the Love Event, which is held from November to March each year.

This is the tenth time Subaru of America, Inc. has held this annual event, in which the company donates money for each car sold to certain national and local charities. This year the company donated a total of $21.8 million.

The Jen’s Friends Cancer Foundation was one of more than 670 local causes that received donations as a part of the campaign.  The national charities included the American Society of for the Prevention of Cruelty to Animals (ASPCA), Make-A-Wish, Meals on Wheels American and National Park Foundation.

Over the last four years Profile Subaru and Subaru of America have donated more than $55,000 to Jen’s Friends from this event, according to the Conway Daily Sun.

The Jen’s Friends Cancer Foundation provides financial assistance to cancer patients and their families, most of whom are in the Mt. Washington Valley area. They focus on helping those that are uninsured, underinsured or have other financial challenges.

The support the foundation provides is intended to “allow them to focus on battling cancer, without worrying about the indirect financial burdens that often arise.

We are proud to highlight a company we have been working with that is doing so much good in the area.

Click here for more information about or to donate to the Jen’s Friends Cancer Foundation.

Savings creates opportunity to reinvest in employees with Aflac

ClaimLinx and Aflac – they go together like salt and pepper. Good on their own but even better together.

As experienced consultants, ClaimLinx shows businesses how to save money on their health insurance. Using a unique, time-tested strategy for purchasing benefits that combines traditional insurance through a major carrier with a self-funded plan, businesses can save 20 percent on their health insurance plan.

But what should owners do with all that savings?

We suggest taking that cash and reinvesting it in employees. The lower fees for the health plan easily free up funds to start a Benefits Bank with enhanced coverage through Aflac.

Owners can choose plans for employees or set up a specific dollar amount and let employees choose which coverage they would like for themselves and their families.

Aflac has so many insurance plans available there’s something for everyone. Employees can choose from options like accident, life, critical illness, short-term disability, dental, vision and more. And the best part is employees also get the exclusive perks Aflac provides, such as a wellness benefit, one-day pay and a wide range of coverage options.

Supplemental insurance is often an important component to having a complete plan should tragedy strike for an employee. It can be a vital source of funds if gaps in coverage on a regular health plan occur. After all, the last thing anyone wants to worry about during an emergency is how to pay for care.

It sounds like a luxury for most employers – providing that level of coverage. But it doesn’t have to be.

Because ClaimLinx helps lower the cost of the overall health plan. Then the additional coverage through Aflac is purchased with pre-tax dollars. That means at no extra cost than your current health plan, you are able to not only keep current employees happy by improving benefits but also increasing your competitiveness in the job market.

So with all these additional benefits, can you really afford not to make the switch?

ClaimLinx solves spiking insurance premium problem

Cincinnati business finds ways to save on employer-sponsored health plans

CINCINNATIDec. 13, 2017 /PRNewswire/ — Right now at small businesses all over the country, administrators are making a grim choice – cut benefits for next year’s insurance plan or face strained resources to cover their premium increase.

Premiums for employer-sponsored health benefits for 2018 are expected to be the highest since 2011, according to the human resources consultancy Mercer’s 2017 National Survey of Employer-Sponsored Health Plans.

Blame it on Washington, D.C., blame it on insurance company stakeholders, blame it on anyone who unjustly seems to pull in profits through the industry. It all adds up to one thing: employers and their employees are continuously being asked to pay more to receive less.

But for one company in Cincinnati, this is a problem with a simple solution. ClaimLinx, a full-service consultant, insurance agency and third party administrator, has pioneered new ways of purchasing health insurance so companies can cut costs without sacrificing benefits, such as increasing deductibles or copays.

“Our whole goal is just to save people money on their health insurance – it’s hard sometimes but when we do it’s incredible what it can do for a business,” said Christy Quigley, President of ClaimLinx.

They do this by combining a high deductible insurance plan through a major carrier — Anthem, Humana, Aetna, Cigna — with a self-funded medical expense reimbursement plan.

The trick is to take the best of both types of insurance.

From the plan through a major carrier the company receives resources, including a wide physicians network, competitive discounts on procedures and a stop loss in case any employee has high medical costs.

From the medical expense reimbursement plan the company has the ability to customize its own copays and deductible while still receiving the tax benefits exclusive to a self-funded plan through section 105(b) of the IRS code.

Tom Quigley, National Business Consultant at ClaimLinx, said he sees business owners struggling with decisions about their plan every day when they don’t need to.

“What it really boils down to is a math problem. The problem is it can be hard to take the emotion out but you really have to when it comes to your benefits.”

For more information go to www.claimlinx.com or inquire directly to Whitney Faber at wfaber@claimlinx.com or (617) 892-4655.

View the published press release.