According to the International Foundation of Employee Benefit Plans, U.S. employers expect to see healthcare costs increase by 7% this year, marking the second year in a row employers predicted a leap beyond the average 4-5% annual increases.
Amid economic and political uncertainty, many employers are hesitant to throw money at a problem that is destined to only grow worse — and for many companies, it’s becoming harder to avoid passing on those increased costs to employees. See Health Spending Tracker Here.
ClaimLinx understands that health insurance rates are high, and they keep going up every year. Employers and employees can’t escape rising healthcare costs but might be able to mitigate them — if they’re willing to challenge the status quo.
A report from Arizent, the parent company of Employee Benefit News, reviews the latest healthcare costs on how they are impacting businesses and the employees. Read report here. The end of the report gives power back to the employers with suggestions on what to do next and supports alternative solutions for healthcare costs. ClaimLinx agrees with this report and offers employers an alternative way to continue providing healthcare to employees in the face of cost, complexity, and concerns.
“Employers have tried a number of different strategies over decades to try to get a handle on the cost of care, but we’re not seeing progress in terms of cost savings,” D’Andrea says. “Employers are highly motivated to look for alternative solutions that might make a difference, but organizations tend to have some risk aversion, and it’s hard to be disruptive. We don’t want to pull the rug out from under anybody.” Read full article here.
ClaimLinx Offers a Full-Service Insurance Solution
ClaimLinx devised a method for savings that works. It’s called the Simple Option Solution. It’s our trailblazing strategy for purchasing employer-paid benefits at a lower cost. In the simplest terms, the ClaimLinx Simple Option Solution plan combines a high-deductible insurance plan with a self-funded medical expense reimbursement plan (MERP). It’s taking a regular health insurance plan and mixing it with a self-funded plan to get the best option for employers and workers.
Start with a High Deductible Plan
The high-deductible health insurance plan offers peace of mind. That way the insurance company is responsible for the bulk of the bill if an employee has high medical costs. Many employers like the security a traditional plan offers. We keep that assurance but raise the deductible to cut costs.
The traditional health insurance plan also offers a wide doctor’s network. That way employees can keep going to the same doctor, specialist or hospital.
Insurance carriers have contracts for discounts for certain services. With a high-deductible plan, employers and employees can use those discounts to lower the amount for services. The best part is that by choosing a high-deductible plan, employers get both of these benefits — a wide network and discounts — at a much lower price.
Then Add A Self-Funded MERP
The problem with a high-deductible plan is it doesn’t have as many important benefits employees need. That’s why we add back the self-funded medical expense reimbursement plan (MERP). ClaimLinx designs each plan to fit the client’s needs. We typically mirror the plan employees are currently using. That means workers experience the same deductible and copays. They don’t see a change in their benefits.
That’s all because the MERP, which the company funds, pays for the gap between the high deductible plan and the self-funded plan. We take all that savings on insurance premiums from choosing a high-deductible and bring it back to the employees so they still have great benefits.
Educate Your Employees
Educating employees on how to navigate the insurance industry is a huge part of becoming a better consumer. That makes healthcare less confusing and helps manage costs.
Our dedicated Field Managers educate employees on how the industry works and become a true ally in the process. We know where and how employees seeking medical care can affect health insurance costs.
ClaimLinx explains how someone’s choices can make health insurance costs go up. We go over urgent care versus an emergency room visit, out-of-network versus in-network care, savings programs for prescription drugs and wellness initiatives for workers.
When healthcare is less expensive and more accessible, employees are better able to manage their health.
The ClaimLinx Solution Includes Processing
ClaimLinx is a quality MERP administrator. We provide personalized service for all medical claims for the self-funded MERP. It’s a simple process combining the two types of insurance, and it’s all done in-house. First, each claim goes to the insurance carrier of the high-deductible plan. Then it is sent to ClaimLinx, where our experienced processors determine who owes what on any remaining amount for the claim.
Our team takes care of billing the employer and even sends payment directly to providers. We focus on giving each client the same seamless experience as having a traditional plan with a major carrier. See the process at work.
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.
The 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 also they 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 Soultion Fits You
The ClaimLinx Simple Option Solution plan is different for each client. The self-funded plan is customized for each company. ClaimLinx chooses each high-deductible to fit each clients specific needs. It’s a way to provide great benefits without paying high premiums to a health insurance company for services employees are not using.
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. Schedule a Meeting or call toll-free 1-800-858-1772 to see what we can do.
Great insight! Your post really highlights the key points in a clear and practical way. Thanks for sharing this valuable information—looking forward to more!
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This sounds like a really smart approach to managing health insurance costs! I appreciate that ClaimLinx doesn’t just focus on finding lower rates but also takes the time to educate employees on how to save money on healthcare. It’s such a excellent way for both the company and the workers.
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