Health Plans
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What are Self-Insured Plans and When Should I Go Self-Insured
So far, we’ve learned about how health plans work, the elements of a health plan, and the differences between a fully-insured and self-insured health plan. But maybe a self-insured plan is the best for a business, and you want to find out more about it. In this article, I’ll go more in-depth about what self-insured plans are and the pros and cons. When should a small business consider a self-insured plan? Let’s limit our discussion to companies with…
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Health Plan Costs and Savings
For years, the answer to escalating health plan costs has been to shift more and more of this cost to employees. But is there an opportunity for real savings and not simply cost-shifting? The answer is, “Yes.” However, it will be necessary to understand the basic elements of a health plan to recognize potential savings. In this article, I listed these elements with a basic definition. Each will be examined in greater detail in subsequent…
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Pharmaceuticals Drive 20% of Health Plan Costs!
No one needs to study detailed tables to be aware of the rising costs of prescription drugs. Daily headlines and your wallet tell the tale. In 2004, 100ml of Lantus, a basic insulin, was priced at $52. Today, 15 years later, it is $300. Take control of the prescription benefit your company offers and buck the trend by decreasing your costs while still offering a robust benefit that rewards you with healthy employees, less presenteeism…
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Level Premium – A Plan For Your Small Business
The Affordable Care Act caused a dramatic shift in the health insurance landscape, particularly for small businesses. Underwriting a fully insured plan under 50 employees is no longer allowed. While this simplifies the process and offers many protections, the inflationary impact has been enormous, driving many employers to evaluate the feasibility of having no health plan at all, or to consider self-funding. Remember: What is a self-funded plan? What is required for a company to…
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Fully-Insured vs. Self-Insured Health Plans
In my article entitled “Health Plan Costs and Savings,” we defined some basic elements of health plans. I also briefly introduced two different plans: fully-insured plans and self-insured plans. Let’s go into a little more detail about fully-insured vs. self-insured health plans. Fully-Insured Plans – Fully-insured plans have dominated the small group health insurance market for years. Being able to offer affordable health insurance is extremely important for business owners, and fully-insured plans have, until recently, offered “the…