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

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

Tips for self-care this holiday season

The holiday season is well underway, and for most Americans that means elevated stress, and with increased stress can come sickness, fatigue and depression. Fight the holiday slump this year with these tips for self-care this season.

There are many reasons people feel more stressed and blue during the holidays. There are more activities, pressure to meet families’ expectations, reminders of friends and family you may have lost, and shorter, darker days can exacerbate it all.

That’s why it’s increasingly important for everyone to take time for themselves to make sure they can truly enjoy the festive season. Try just one of these activities this year to see if it helps improve your mood and enjoyment of the season.

  • Keep your exercise routine – With a busier schedule, for most people one of the first things to go is their typical exercise routine. But with all the added activity and dietary indulgences, exercise becomes that much more important as a way to destress and  burn off excess calories.
  • Protect your sleep – Just like exercise, sleep tends to  be something we sacrifice during the holidays, but sleep helps your body recover and keeps your mood up. It’s difficult to enjoy family and friends’ delightful little quirks when you’re exhausted from the activities of the week.
  • Throw out expectations – There’s a lot of pressure at this time of year to create and capture “magical moments” to make a perfect holiday experience. Unburden yourself from these expectations, and you will have an easier time enjoying the moments for what they are.
  • Feel (don’t eat or drink) your feelings – The holidays inevitably bring up strong emotions, including anxiety about new relationships, reminders of family losses or pressure of entertaining relatives. In all of these instances, the instinct can be to eat or drink more than usual. This year try to remind yourself that all of this is normal and try to live in the discomfort of the moment, rather than run from it.
  • Keeps snacks and water with you – This may not be something you do the rest of the year, but in all the hustle and bustle of holiday shopping, holiday parties and end-of-the-year work expectations you may find yourself out and about having forgotten to hydrate or eat. Keep a high-protein snack in your car or bag as well as a water bottle at the ready to avoid this.

The most important advice for this time of year is really just to give yourself a break. Don’t have enough time to make cookies from scratch? Get some from the store. Too tired to go to a third family holiday dinner? Send your regrets and relax. Caught up worrying if people are having fun at your party? Assume they are and catch up with a friend or family member instead.

All of these are hard to put into practice, but you’ll be thanking yourself come January if you’ve been able to find the joy in the holiday season.

Tips for this article were taken from:
Psycology Today
Lifehack.org
Motherly

Is supplemental coverage right for your company?

Open enrollment has almost arrived, and for most companies that means taking a look at their coverage options. There is one extra question every company should be asking themselves this year: should I be adding supplemental insurance to my benefit plan?

Supplemental insurance is extra or additional insurance you can purchase to help pay for services and out-of-pocket expenses that regular insurance does not cover. Some plans reimburse for expenses incurred, while others pay specific amounts regardless of how much you have paid out-of-pocket. So many people with these policies even get a little extra cash in their pocket in addition to their services paid for.

Examples of policies are Critical Illness, Short-Term and Long-Term Disability, Dental, Vision, Life, Accident and more.

We recommend to all of our clients that they add supplemental insurance to ensure employees are truly taken care of in their time of need. Supplemental plans are typically inexpensive and pay quickly so employees can start using the funds to pay incurred medical bills, seek additional treatment or supplement lost income as a result of injury or sickness.

They can also be a great employee recruiting and/or retention tool. In a competitive job market, benefits can be one of the biggest reason an employee chooses to stay at or join your company. Supplemental benefits are not offered by all employers, though they are easy to set up and require little administration from an employer.

One of the best parts about ClaimLinx’s Simple Option Solution is that it creates savings, which companies can use for any number of improvements. It’s a great opportunity to add these policies at no additional cost overall to the company. Employers can select plans for employees or offer employees a monthly dollar amount so they can choose the plans that fit their needs.

These plans pay employees when they need it most. Catastrophic incidents can leave families with thousands of dollars in bills, even with a good insurance plan. Using savings to buy these plans shelters employees from this problem at no additional cost to you.

We tell clients to think of their overall health plan like raising a roof. The major medical plan is the frame that holds it all together. The Section 105 MERP is the outer layer of shingles that prevents leaks and is the part people experience day to day. Supplemental plans are the insulation that keep people protected, warm and comfortable.

Contact sales@claimlinx.com if you’re an employer looking to explore adding supplemental insurance to your plan. Or visit www.claimlinxmarketplace.com to see your options for a supplemental plan.