At the health plan renewal, the first question is too often “What’s the increase?”
What if you already knew where costs were going, and you and your adviser had a mitigation plan ready to execute? Imagine the decision making power that comes from the full knowledge of your claims experience, including but not limited to:
How many ER visits your plan had, and for what conditions?
How many people went to what hospital and why?
What hospitals have lower costs and high quality?
How much you were paying for high cost drugs?
How you could get those drugs for half the cost?
How many of your plan members have chronic conditions?
Furthermore, all of this information could be used to determine what plan changes could save you money and reduce your deductible while still saving money.
Getting the right data allows you to make good decisions. The following chart shows the differences between the two major ways to fund group health plans:
What funding option you choose has a real impact on the data you receive and your control over your benefits.
Stirling Benefits wants you to have all your data. With the right data comes informed decisions and a long term plan. A good long term plan requires HR and Finance cooperation and takes time to build. A good plan can save hundreds of thousands of dollars.
Don’t wait till you get your renewal! If you’re interested in saving money and providing benefits you can be proud of. Start Now!
Stirling Benefits is a Third Party Administrator (TPA) that has been designing and administering employer programs for nearly 50 years. We work with select, fee based advisers. If your broker has not talked to you about Stirling Benefits, call us. We’ll see if lowering costs and improving benefits is possible for your firm.
Custom Designed Plans
Self funded plans are exempt from State regulation, do not need to be filed with the State Department of Insurance, and are more flexible than a standard off-the-rack plan. Our plans are designed to each employers needs, instead of the needs of the insurance company. Of course, most federally-mandated benefits and rules, such as COBRA, HIPPA and ACA apply to all plans.