04 Aug Maybe it’s Time to Switch to a Self-funded Health Plan
If you, an employer, have been thinking of revamping your health care plan, now might be the perfect time to switch to a self-funded plan. With Covid 19 and the new Delta variant along with premiums hikes your rates might be getting unmanageable. What can you do to get the costs under control? How about considering moving to a self-funded plan instead of slashing benefits?
By switching to this type of plan you will gain control over your healthcare costs. You would now have full access to your claims data that will give you transparency into your costs. With this knowledge you can be proactive in tailoring your company’s plan to your employee needs. This also gives you a better idea of how informed your employees are about their health plan and if they are using it correctly. For example, are there too many ER admissions?
Now you have the opportunity to better educate your employees and their use of their health care. 65% of Americans do not understand their medical bills or health coverage so it’s not surprising your employees don’t either. Given this issue, the right TPA partner can also help with common communication pain points in today’s health care plans, like cumbersome online portals, unreadable explanations of benefits (EOBs) and access to plan information. Employers should consider a TPA with user friendly technology and a high-touch service model to help people navigate their health plan and support the company’s HR team.
Let The VanDyke Group help you with setting up a self-funded health care plan that can help your employees, and your bottom line.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.