Helping Companies Address Health Insurance Obstacles
Andy Neary
We help insurance industry professionals get more leads and win more sales in less time.
CFO’s face challenges every day - let’s go over some of these challenges.
First, health insurance companies are misaligned.
In 2010 when the Affordable Care Act became law, we had this rule known as the medical loss ratio rule which simply said that for every dollar a carrier brings in, it has to spend a certain percentage on claims. When spending anything less than that they will have to get money back.
Back in the day, I remember getting checks back... it doesn't happen anymore. Carriers stopped caring - they said hey if we let claims go over that percentage, we don't have to give money back. We can validate this with stock prices, right?
If you saw my video the other day about how to accurately show the stock prices, Anthem was $56 on March 23, 2010. The daily Affordable Care Act the other day, I think it closed at about $250 to $260 - they're doing pretty well.
The second challenge you face is the healthcare system is misaligned.
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Most of the system today still has a fee for services that the healthcare system gets paid for what they do to you and how much they do for you. Their arbitrage against you, their wholesale cost is here and they're charging you this. And you Mr. CFO, Mr. CFO live in the world of arbitrage and you're trying to do the opposite.
The third challenge you have is the medical ID card.
Every year you hand that medical ID card out, it is nothing more than an unlimited company credit card, because you give your clients, your employees access to a PPO network and they can go wherever they want and spend whatever they want within that network.
You think the only three ways you have been taught and the only three ways you can save health insurance costs today is by shopping the carrier's increasing deductibles and out-of-pocket limits or just asking your employees to pay more. The problem with that is right now your employees on average are making $40,000 a year with their deductible, their out-of-pocket, and their premium. That accounts for 20% to 25% of their growth take home.
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