THE PATH TO A SUCCESSFUL HEALTH INSURANCE PLAN: PART 2
Path.
It’s defined as the course or direction in which a person or thing is moving.
It will help get you where you want to go, but it requires you to take the first step.
You determine how fast you want to go down the path, but as long as you stick to it, you’ll arrive at your desired location.
Jay, what the heck does this have to do with benefits?!?
Over three articles, I will be walking through the pillars of our process at Capital Group Benefits we call The Path.
By our definition, The Path represents the playbook you need to build a health insurance plan that is pro employee and pro bottom line; a plan that protects your employees and your budget.
There are three pillars at the foundation of The Path.
This week we’re focused on transparency.
When it comes to controlling your health insurance costs, transparency is important.
Here are three ways transparency can benefit your health insurance program:
ONE: You’ll know exactly what you’re paying and why you’re paying it.
Unfortunately, most employers do not have a clear understanding of why their insurance premiums are so high.?Transparency allows you to account for the dollars coming out of your budget so you know exactly what you’re paying for.
TWO: You’ll gain access to your claim data.
When you’re able to monitor the performance of your health insurance plan, you’ll be able to uncover a red flag before it becomes a serious financial burden and build strategies to help curb future costs.
THREE: There will be more predictability toward your future insurance renewals.
When transparency is built into your health insurance plan, your team will be better equipped to predict an upcoming renewal.?Whether your renewal is a pleasant experience or not will be determined by your plan’s performance, but you’ll be able to plan ahead and adjust your budget accordingly.
Do you believe your health insurance plan gives you the transparency you need to create strategies to control your premiums?
If not, have you considered looking athealth insurance captive?
Captive insurance programs were built to help mid-sized employers like you.?A captive is a self-funded insurance program that gives you the ability to create full transparency in your plan.?In a captive, you join forces with other like-minded businesses to give you the benefits self-funding provides without having to “go it alone”.
If this is the first time you’ve learned about a health insurance captive, we should connect.?The more you know the more confident you’ll be in taking the first step.
We’ve been using captives for years to help our clients create the transparency they want to help them jump on The Path to success.
Next week you’ll learn how to build rewards into your health insurance plan so you can help employees access quality healthcare without all of the out-of-pocket expenses.
Don’t let another bad renewal steer your health insurance plan off course.?Seek transparency and get your plan back on The Path!