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ClaimLinx Health Insurance Rates

Why Insurance Rates Are So High and How to Start Cutting Them

ClaimLinx understands that health insurance rates are high, and they keep going up every year. Our experienced benefits consultants work with business owners to keep insurance costs low for you and your employees. In today’s blog, ClaimLinx explains why insurance rates are so high and how to start cutting them.

Why Health Insurance Rates Are So High

Health insurance rates are high for several reasons. Investopedia states that administrative costs are the number one reason why health insurance costs skyrocket. Healthcare companies need billing clerks to determine what is or is not covered by health insurance. Around one-fourth of healthcare costs are due to administrative costs. Considering overall healthcare costs were a whopping $3.65 trillion in 2018, administrative costs were around $912.5 billion. 

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

Defensive medicine is another reason for high health insurance rates. Doctors err on the side of caution when it comes to trying to diagnose patients. Someone might get an MRI, bloodwork, and a biopsy just for one visit to the doctor’s office. When more people get more tests, health insurance costs increase. Defensive medicine adds nearly $50 billion to the costs of healthcare in the United States. 

How to Cut Health Insurance Rates at Your Company

Health care and insurance costs are increasing at an unprecedented rate, and that’s why you need a creative solution. ClaimLinx devised a method for savings that works. It’s called the Simple Option Solution. It combines a high deductible health plan with a self-funded plan, and it saves small businesses 20 to 40 percent on their health plan. There’s no reason to keep giving your company’s hard-earned money away to the insurance company. You can take back control with a new method of buying employee benefits that is less expensive and more flexible.   

Related Post: We are the full service insurance benefit solution

Be Flexible

Flexibility is a way to save money on health insurance rates. While group health insurance might work well for some small businesses, individual benefits consulting and shopping for plans in a marketplace might make more sense for others. Implementing the ClaimLinx Solution is about looking at all aspects of the plan, from the plan with a carrier to the prescription coverage, from the copays for office visits to the overall plan deductible. ClaimLinx can help you find the right options for the best possible costs.

Educate Your Employees

Educate your employees on how to seek healthcare options and take better care of their health. Consider anti-smoking or anti-tobacco campaigns if your company has smokers on staff. Where employees seek medical care can also affect their health insurance rates. ClaimLinx can explain how someone’s choices to seek medical care can make health insurance rates go up. We go over urgent care versus an emergency room visit, out-of-network versus in-network care, pre-tax payroll deductions, and wellness initiatives for workers. 

Hire ClaimLinx to Lower Health Insurance Rates

ClaimLinx offers the ClaimLinx Solution to help lower your health insurance rates. Our experienced health benefits consultants can find you the best possible rates on employer-paid benefits while also educating your workers on how to save money on healthcare costs. Contact ClaimLinx or call toll-free 1-800-858-1772 to see what we can do.

How Employer-Paid Benefits Affect Your Bottom Line

ClaimLinx helps business owners save money on employer-paid benefits for health insurance provided for workers. Our ClaimLinx Solution develops a holistic strategy designed to save companies the most money possible while giving employees quality health insurance. In today’s blog, ClaimLinx explains how employer-paid benefits affect your bottom line as a business owner.

Bottom Line Savings

Employee benefits are one of the top five expenses of any business. Saving money on employer-paid benefits can open up huge opportunities for your firm for hiring new workers, purchasing new equipment, increasing wages, or investing in tools to help your employees work more effectively. By cutting costs on this big ticket item, there is a huge opportunity to reinvest in your employees and your business. You may even have the opportunity to improve benefits by adding a supplemental insurance benefit.

Related Post: Start a path to savings on insurance

Retaining Employees

Employee retention is a huge deal, especially in a robust economy with plenty of high-paying jobs. Having employer-paid benefits is a way to retain employees for the long-term. Long-tenured employees have more expertise and can be cross-trained to help more of the business. As they improve their efficiency and expertise, retained employees may accomplish more work over time compared to a new hire. The cost of hiring a replacement for a highly trained employee may exceed a whopping 200 percent of their annual salary. That’s not a small thing when you think about an annual salary versus providing a health insurance benefit.

Cost Analysis

Nationally, the average cost to onboard a new employee is $4,129, according to the Society for Human Resource Management. Consider the average cost of onboarding a new employee. You have the staff hours needed to post a job description, narrow the search, interview candidates, train a new person, and then get the new hire up to speed. The right benefits plan can help you avoid all this. Perform a cost analysis of onboarding versus employer-paid benefits. You may realize that keeping people at your firm with great benefits saves you money on recruitment and retention, even if you’re a small business.

Employee Wellness

Employer-paid benefits, including health insurance, improve overall employee wellness. Improved wellness leads to workers who stay on the job, work more productively, and have fewer sick days. One national survey states 66 percent of companies see a return on investment from their health initiatives, with 35 percent of firms seeing improved productivity and morale. Health insurance for workers helps them to stay engaged and happier at their jobs, which is a huge factor when it comes to employee retention and well-being.

Related Post: Have a happy healthy summer with these tips

ClaimLinx Saves You Money

ClaimLinx, with the ClaimLinx Simple Option Solution, looks at your business holistically. Our experienced benefits consultants take into account your costs, the number of employees, and your current situation. We find the best health insurance fit for you, the business owner, and your employees. Contact ClaimLinx or call toll-free 1-800-858-1772 to see how we can save your company 20 to 40 percent on employer-paid benefits.

Health Insurance Employer Benefits Consulting

ClaimLinx Offers More Than Just Employer Benefits Consulting

The most important part of the ClaimLinx Solution revolves around employer benefits consulting. This means our experts advise you, the business owner, about the benefits to offer your employees. We are a full-service insurance agency specializing in health insurance. ClaimLinx discusses what we offer beyond employer benefits consulting for your company.

What Is Employer Benefits Consulting?

Employer benefits consulting is all about finding the best solution for each client. You hire us to advise you on the best possible health insurance plan for your employees. Our flagship product is the ClaimLinx Simple Option Solution, which combines a high deductible health plan with a self-funded plan. The self-funded plan is administered completely in-house with ClaimLinx as the third-party administrator. Buying your company’s health plan this way means two things. You get huge savings and you get to customize your benefits to fit your employees’ needs. We help you understand the strengths and weaknesses of each benefit, so you can make the best choice for your people and your business.  

ClaimLinx’s Holistic Strategy to Save You Money  

ClaimLinx can save your small business 20 to 40 percent on employer-paid benefits for your workers. But it’s not just about setting up a plan when it comes to health insurance. It’s also about being there to help you and your employees become better health care consumers. With each new client, our first priority is education. We teach employees about getting their claims processed and how they can do more to save money on care. We also take a look at which prescriptions employees need to find new savings opportunities using discount cards or drug programs. Employer benefits consulting means we work with company owners and employees for the ideal situation for everyone involved.

We Help Companies Shop for the Best Plan

The ClaimLinx Solution starts where every health insurance plan starts—with a plan from a major carrier. We know how important insurance networks are and we work hard to find the best plans at the lowest price. Unlike other insurance agents, we’re not looking for the biggest commission for us. We’re looking for the biggest savings for you. As an employer benefits consulting firm, we give you and your workers customized attention and health insurance plans that fit your needs. We find the best value for owners while keeping in mind how important keeping certain doctors or specialists in network is to the use of the plan. We are a full-service insurance agency, whether you need advice for choosing health insurance or you need someone to oversee your employees’ plans.

ClaimLinx Is Your Employer Benefits Consultant

Experts at ClaimLinx are not loyal to one particular insurance provider over another. We strive to give you the optimal deal and lower costs while allowing your employees to have affordable health insurance through your firm. Contact ClaimLinx or call our office at (800) 858-1772 to find out how we can save you money and offer your employees peace of mind for their healthcare needs.

Health Insurance Coordination of Benefits

How Coordination of Benefits Saves Money for Your Employees

ClaimLinx saves business owners as much as 20 to 40 percent on employer-paid health insurance. We also strive to find the best possible health insurance plans for your employees and their families through our ClaimLinx Solution. ClaimLinx discusses how the coordination of benefits saves money for your employees.

What Is Coordination of Benefits?

Coordination of benefits defines how two insurance plans work together to cover an employee’s payments for his or her health insurance claims. In general, a person’s primary health insurance plan comes from a major medical carrier, such as Anthem, Aetna, Humana, etc. This coverage goes into effect first, when an employee files a claim. Secondary coverage, a health insurance plan that goes into effect second, might pay for some or all of the remaining medical expenses. With the ClaimLinx Solution, secondary coverage comes from a Medical Expense Reimbursement Plan (MERP) for medical expenses and/or an independent Pharmacy Benefit Manager for prescriptions. The extra coverage done this way is easy to customize to fit an employer’s budget and employees’ needs.

How Does Coordination of Benefits Work?

Providers, pharmacies or employees file a health insurance claim with their primary health insurance plan. This plan takes care of the person’s expenses based on the plan’s deductibles and copayments (co-pays). Any out-of-pocket expenses leftover from the first plan might be paid by the secondary coverage. 

Why Use a Coordination of Benefits?

Using a coordination of benefits is a key part of the ClaimLinx Solution. The main goal of organizing a health insurance plan this way is to spread out costs and risk. Using a self-funded MERP can be expensive for employers. That’s why combining it with a primary plan with a major carrier works. Now, the company is able to offload some of the cost by having insurance companies pay for part of the bill.

How Coordination of Benefits Saves Employees Money

Having two health insurance plans may seem complicated for employees. After all, things seem simpler when an employee only has one company to go to for coverage. However, there are advantages to having two plans (and a coordination of benefits) if it allows employers to maintain or even improve benefits.

Many times, ClaimLinx consultants have seen businesses cut benefits to keep the cost of an insurance plan down. That means employees have to pay more for healthcare. Using a coordination of benefits makes providing a plan cheaper so employers can keep offering good benefits.

For example, an employee has a visit with a specialist that costs $150. The primary plan covers 40 percent of the cost, or $60. In the past, this may be all the employer could afford. But with the ClaimLinx Solution providing savings, a secondary plan has been added. The secondary coverage, or self-funded plan provided by the employer, now covers the visit for an additional $60. Now, the employee only pays $30 for the visit.

ClaimLinx Helps with Coordination of Benefits

ClaimLinx is a full-service insurance agency and a third-party administrator for health insurance plans. We provide insurance plans for your employees that could save as much as 40 percent on your employer-paid benefits. We also determine the best plans for workers with respect to coordination of benefits. Contact our office today or call us at 1-800-858-1772 for more information.

Health Insurance ClaimLinx

ClaimLinx Glossary: Common Health Insurance Terms

ClaimLinx specializes in many employer-paid health insurance services, including traditional group health insurance, employer benefits consulting, supplemental insurance, and individual plan consulting. We’re a full-service insurance agency. Our team works to lower your health insurance costs while giving employees their ideal health benefits plan. In today’s blog, ClaimLinx explains common terms you might encounter as you are reviewing our services for health insurance plans.

Premium

A premium is the amount an individual pays for health insurance every month. Some employer-paid benefits come at no cost to employees, while others have employees pay premiums at a lower cost. For example, an employer could pay $100 a month for a worker’s health insurance while the employee pays $75 per month for the rest. ClaimLinx finds the right balance between premiums and out-of-pocket expenses for health care when it comes to employees.

Deductible

A deductible represents the amount someone pays for health care services, such as a doctor’s office visit or a trip to urgent care before the health insurance plan pays for part of the rest. For example, an employee’s deductible could be $500. After the person pays $500 for services, insurance may pay all or part of the rest of the health care services, thereby lowering someone’s overall healthcare costs the rest of the year. The ClaimLinx Solution is a strategy that lowers the employer costs as well as out-of-pocket costs for workers, which saves everyone money.

Copayment (Co-Pay)

A copayment (commonly known as co-pay) is the fixed amount a person pays for certain health services. Depending on the plan, a person may be required to pay the copay before and/or after he or she has met a deductible. Copays contribute to a person’s out of pocket maximum calculation and may or may not be changed by meeting a deductible. For example, one plan may have a $30 copay for a visit to the doctor’s office, but require a person meet his or her deductible before emergency visits are charged at a $100 copayment. ClaimLinx determines optimal copayments for employees with respect to their deductible.

Claim

When you file a claim, you request payment for healthcare services covered by a health insurance plan. As a third-party administrator, ClaimLinx offers easy ways for employees to file claims for processing so they can receive their benefits in a timely manner. See how claims are processed using the ClaimLinx Solution.

Marketplace

One service offered by ClaimLinx is the ability to let individual employees shop for their own personalized health insurance plan. This happens on a marketplace, sometimes called an exchange or health insurance marketplace, run by the state or federal government. A marketplace allows someone to put in their information through an online portal, and then they can view which plans there are eligible for on the marketplace. 

ClaimLinx Experts Help You and Your Employees

Our expert health insurance consultants can help you and your employees wade through the jargon, options, and health insurance companies to find the best possible health coverage for everyone. Contact ClaimLinx or call our office at (800) 858-1772 to find out how we can save you between 20 and 40 percent on employer-paid benefits for your loyal workers.