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

See ClaimLinx’s Complimentary Elite Services for clients

When it comes to offering a quality health plan, ClaimLinx doesn’t stop with simply writing insurance and administering benefits. Our service team provides more to each client and member because that is what is needed to get the most of a company’s benefits plan.

Now listed on our website are all included services as a part of setting up a Simple Option Solution health plan, the flagship product that allows businesses to offer a comprehensive health plan at a much lower cost.

See details on included services such as medical claim negotiation, medical claim reporting and analysis, member and administrator portals, online application, prescription rebates and coupons and so much more. All of these services are provided as a part of our role as consultant, agency and/or third party administrator.

We know that the work of administering a benefit plan doesn’t stop at the effective date. In fact, that can be just the beginning. That’s why we have added all of these services for clients to take advantage of our team’s expertise. We offer education meetings and materials for all members and administrators because we know how challenging navigating the health insurance industry can be.

It’s our highest priority that our clients are able to get full use of their health insurance. It’s not enough simply to buy great benefits at an affordable cost; members have to be able to use the benefits too.

Some of our clients already know how useful these additional services are. They request reporting to make sure they’re staying on top of any opportunities for additional savings in the future. They refer members with expensive drugs to our service team to search for drug programs that offer coupons or pharmacy locations with cheaper rates. They schedule educations meetings for members to help with the transition to a new benefits plan. If you’re not taking advantage of these services, you’re not receiving all that ClaimLinx has to offer.

Contact the ClaimLinx service team at service@claimlinx.com if you’re an existing client and want to take advantage of some of these services.

Or contact our sales team at sales@claimlinx.com if you’re not currently a client and would like to make the switch to quality benefits at a lower cost.

Employer portal aids human resources administration

The ClaimLinx employer portal is a resource available to all clients with an SOS Solution plan. It is a key part of administering the plan, as it includes important forms and resources.

Maintaining and administering a health insurance plan can be a challenge at small businesses that do not have the staff resources or need for a dedicated person to the benefit plan. That is why we try to make it as easy as possible to work with ClaimLinx by providing all necessary documents on the private employer portal.

Owners and administrators can login to the portal at any time where they will find:

  • Plan enrollment forms
  • Administrator manual
  • Company schedule of benefits
  • Termination form
  • Member packets

Once logged into the portal, administrators will find recently updated forms under the “Other Documents” section. If you have never logged into the employer portal or need assistance logging in, contact the service team at service@claimlinx.com.

We encourage administrators to use this portal as a way to ensure they are always using the most up-to-date forms for new employee enrollment, as using out of date forms can slow the enrollment process.

Please be advised this is a service provided only to clients with a ClaimLinx SOS Solution Plan. If ClaimLinx is your insurance agent only, you do not have access to or need for these additional documents and resources.

We are constantly looking for more ways to improve our services for administrators, so if there is a document or resource you would like to see added to the employer portal please let us know.