Buying or changing health insurance plans is a major decision. With so many products and services on the market, it can be difficult to consider what benefits and services employees want coupled with the best care options available at differing price tiers. When researching health insurance with their benefits advisors, employers should take into account these top five considerations: cost, innovation, affordability, access and contribution strategy.

Cost is important, but it does not tell the whole story. All too often, the summary analysis of a renewal policy focuses on the net cash impact before and after the proposed benefit plan design changes. There may also be a discussion of the prior period experience to identify why expectations for claims costs next year are higher and why a rate adjustment (or plan adjustment) is needed. However, only looking at the numbers ignores a tremendous amount of improvement and innovation that has emerged over the past five years that can have a major impact on the bottom line.

Beyond cost is the broader consideration of each health plan’s investment in and implementation of value-add services considered for the renewal and their respective improvement in care management capabilities at the member level. These capabilities and initiatives would be expected to help control costs by identifying and proactively managing potentially avoidable events and/or potentially avoidable health complications. Plus, the halo effect of improved (lower) absenteeism and high productivity are just as important as the cash expense.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

BenefitsPRO Broker Expo 2024Event

The premier educational and networking event for employee benefits brokers and agents.

Get More Information
 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.