ClaimLinx Health Insurance Strategy

ClaimLinx Offers a Full-Service Insurance Strategy

ClaimLinx offers more than just a way to provide health insurance to your employees. We offer a holistic solution to give great benefits to employees while saving money for business owners. Our ClaimLinx Solution blends a high-deductible insurance plan with a company-funded medical expense reimbursement plan (MERP). The result is an optimized health insurance plan for everyone at your business. ClaimLinx explains how we make this full-service insurance strategy work in today’s blog.

High-Deductible Health Plan

A high-deductible health plan allows for lower monthly premiums. Lower premiums mean you pay less money to have the health insurance plan in place. Normally, higher deductibles mean employees must pay more money before insurance coverage begins to pay for medical expenses. But ClaimLinx has a different strategy.

In 2019, the IRS defined a high-deductible plan as one with at least $1,350 for an individual or $2,700 for a family. These minimums mean individuals must pay the first $1,350 of medical expenses before the health insurance plan starts to cover certain costs. But ClaimLinx typically chooses plans with deductibles much even higher to really slash expenses on premiums. This is a part of our full-service insurance strategy.

Related Post: What is an employer-sponsored, or self-funded, plan?

MERP

Employers can use a MERP to help fund an employee’s costs before reaching his or her deductible. When paired with a high-deductible plan, MERPs offer a health insurance strategy that is cost-effective for employees and employers. 

For example, John Smith goes to the emergency room for a minor injury and receives a bill for $2,500. His insurance carrier sends him an Explanation of Benefits (EOB) that says he owes the full amount because he has not yet met his high deductible of $3,500. John’s employer, Acme Brick, has a MERP that covers emergency room visits with a $350 copay. That means John only pays $350 instead of $2,500. 

The ClaimLinx Solution is a win for everyone. John Smith experiences lower costs for medical expenses. Also, John’s employer is happy because he can afford to offer such great benefits since the cost of the company’s monthly premiums has gone down so much. Our full-service insurance strategy identifies the optimal combination of high deductible plan and MERP.

Related Post: What Is a MERP?

How This Strategy Saves Money

A high-deductible health plan lowers the monthly premiums for each employer. Instead of paying $1,000 per month for a family’s coverage, an employer might pay $700. A MERP continues the savings because it’s a tax deduction. Every time an employer reimburses an employee’s medical expenses, it lowers the amount of money the IRS figures into business taxes. Business owners not only pay lower income taxes, but they also lower onboarding costs by retaining employees for longer periods of time. Employees who remain healthier are more productive and miss less work. ClaimLinx shows you how we deliver for both business owners and employees with our full-service insurance strategy.

The ClaimLinx Solution: A Full-Service Insurance Strategy

ClaimLinx is here to find the best possible solution for health insurance at your business. We educate business owners and employees on the best practices for combining health insurance plans with a MERP. Our team provides third-party administration, employer benefits consulting, and complimentary elite services to our clients. Contact ClaimLinx or call toll-free 1-800-858-1772 for more details about our full-service insurance strategy.

ClaimLinx saves small businesses $4.5M on health care in 2018

Insurance consultant finds innovative solutions to reclaim dollars for employers

BOSTON, Dec. 31, 2018 /PRNewswire/ — Health insurance consultant and agency ClaimLinx saved small business owners a total of $4.5 million on benefit costs in 2018 using its unique strategy for purchasing insurance.

For more than 15 years, ClaimLinx has been pioneering ways of saving small businesses money on benefits. In 2018, the company reached new records of savings for employers, cutting costs by 20 percent or more within the first year of a business starting its program and keeping renewal rates below 5 percent in following years.

Tom Quigley, National Benefit Consultant, said partnering with ClaimLinx is simply about the numbers.

“It all comes down to a math problem,” he said. “Do you want to pay more to an insurance company, or do you want to keep more in your pocket?”

The trick is ClaimLinx combines two types of insurance: traditional coverage from a major carrier and self-funded reimbursement coverage from the employer.

First, ClaimLinx helps companies choose a high deductible health plan from a major carrier, which includes access to a wide provider network and a stop-loss in case of high medical costs from an employee.

Then, ClaimLinx customizes a medical expense reimbursement plan funded by the employer to return benefits employees need, such as copays and a lower deductible.

The resulting plan saves business owners thousands of dollars per employee because they are paying only for services rendered, rather than prefunding major carriers’ bottom line.

In 2018, insurance companies reported strong growth, already amassing an estimated $47 billion in global profit by the end of the second quarter, according to analysis of company documents by Axios media company. 

Where these premium funds end up can be a mystery for employers, but not so with ClaimLinx. The self-funded plan enables employers to track utilization, a useful tool for the future when cutting unnecessary or misused benefits.

Christy Quigley, President of ClaimLinx, wonders how small businesses continue to afford high healthcare costs. Average premium rates for a family plan from a major carrier reached $19,616 in 2018, according to the Kaiser Family Foundation Employer Health Benefits Survey.

“As a small business owner myself, I don’t know how companies keep up with premium rates without finding a solution like ours,” she said.

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

View published release here

ClaimLinx reclaims thousands of dollars for consumers

Business pioneers strategy for employers to pay less for company health plan

CINCINNATI, Dec. 20, 2018 /PRNewswire/ — As health plan premiums rise nationally, so too do insurance companies’ earnings, but one local business has found a way to return some of those would-be profits to consumers.

ClaimLinx is a consultant, insurance agency and third-party administrator specializing in an alternative strategy for purchasing health insurance that saves companies money while delivering quality benefits.

Nationally, insurance companies reported strong growth in 2018, amassing an estimated $47 billion of global profit by the end of the second quarter, according to an analysis of company documents by Axios media company.

Not all of that money is being funneled into improving care or services. Insurance companies spend only 80 percent of funds collected in plan premiums on actual medical care, as required by the Affordable Care Act.

Packed into those huge premium bills are charges for administration, marketing and company profits for share-holders. That’s thousands of dollars each year being given to insurance companies instead of being spent on what workers really need: quality medical care.

Tom Quigley, National Benefit Consultant at ClaimLinx, says buying traditional health plans leaves a lot of money on the table, an especially difficult prospect for small businesses where profit margins are slim.

“It’s really a shame, because people are really just giving all this money away to health insurance companies without even realizing it.” 

So ClaimLinx abandons traditional methods of purchasing health insurance. Instead, it shows clients how to combine a high deductible plan from a major carrier with a self-funded medical expense reimbursement plan. 

The plan with a major carrier offers a wide physicians network with discounts for services and a stop loss in case of high medical costs. The medical expense reimbursement plan offers the ability to add a lower deductible and better cost-sharing measure for services, like copays.

Christy Quigley, President of ClaimLinx, compares this strategy to other types of coverage.

“People have car insurance, but they don’t buy it for $40 oil changes. Imagine how expensive it would be if it did. We use the same concept for health insurance.” 

This two-prong strategy allows small businesses to restore some of its health care dollars to its employees by delivering better benefits at a much lower price. 

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

View the published release

ClaimLinx will be closed for holidays

ClaimLinx will be observing a special schedule in the coming days because of the holidays. Our office will close at 12 p.m. on Friday, December 21 for an all-staff meeting and will remain closed for the holiday until December 26.

All inquiries will be returned as soon as possible upon our return. We appreciate your patience and understanding as our staff takes this time to rest, recharge and enjoy time with family and friends.

We hope all our clients and members are able to enjoy the holiday with loved ones. Our staff will be sitting by fires, exchanging gifts, catching up with family and eating way too much. How will you be spending your holiday? Let us know on FacebookTwitter or Instagram by tagging @ClaimLinx.

Here is what some of our team will be doing with its days off:

Reyonne Riley, Billing and Claims Office Manager, will be taking part in a new tradition started by her daughter. She and the rest of her family will be getting together for a Christmas Eve brunch.

Tara Brown, Clients Services Manager, will be having her traditional holiday sleepover, where her children and their partners stay the night at her house on Christmas Eve. They spend the night making lasagna from scratch, opening presents and lounging together.

Whitney Faber, Marketing and Communications Manager, and Christopher Roach, Business Development Manager, are both traveling from Boston to Cincinnati to visit with staff and see family.

Natalie Gillespie, Claims Specialist, will be enjoying some of the holiday events in the Cincinnati area, like the Festival of Lights at the Cincinnati Zoo and Botanical Garden,  with her husband and children.

Connie Johnson, Data Control Specialist, is still plotting her holiday plans, but so far the suggestion from her family is to enjoy a meal at the Golden Corral.

Kyle Wolfe, Sales Support Representative, will be traveling to Indiana to spend time with his fiancé’s family and will be keeping his grandpa’s spirits up by visiting him in the hospital.

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Insurance agency maintains low premium rates for clients

Health benefits consultant finds a solution for rising insurance costs

NORTH CONWAY, N.H., Dec. 19, 2018 /PRNewswire/ — While many health insurance agencies are delivering sour news to employers about rate increases or the prospect of cutting benefits, ClaimLinx is delivering low rates for quality health plans to all of its clients.

Premiums for employer-sponsored health plans for 2019 increased by an average of five percent nationally reaching a staggering average rate of $19,616 for a family plan, according to the 2018 Kaiser Family Foundation Employer Health Benefits Survey.

However, ClaimLinx insurance agents were able to keep its clients’ rate increases below the national average using its unique strategy for purchasing benefits. What’s more is employers using ClaimLinx’s methods pay substantially less overall because they save 20 percent or more within the first year of implementation.

National Benefit Consultant, Tom Quigley, said his team of insurance agents and consultants is willing to do anything to keep plan costs low.

“It’s all about the numbers, but you have to be creative or you’re going to end up paying more,” he said.

For this reason, partnering with ClaimLinx can be a substantial step to taking back control of a company’s benefits, especially important for small businesses where margins are thin and rate increases can be crippling.

Over the past 10 years, premiums have increased twice as fast as wages so that while insurance costs on average 55 percent more, workers earn only 26 percent more to pay for it. When both employer and employee are being squeezed, savings become significant for both.

ClaimLinx specializes in guiding business owners through the insurance market as a full-service consultant, insurance agency and third-party administrator to help them purchase the best, most affordable health plan.

Their solution 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.

The company’s founders pioneered the solution more than 10 years ago, when they first saw rates climbing. President and Owner, Christy Quigley, said since then they have been refining their strategy for delivering quality benefits at a low price.

“We really just want to help people save money on their health insurance,” she said. “It’s as simple as that.”

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

View the published release