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As premiums continue rising, organizations are being forced to reduce employee benefits, raise premiums, or both. Employers are burdened with shouldering the increase or cost-shifting to employees. With costs shifting to employees and the inflation of healthcare overall, real wages are decreasing.
However, there are solutions for employers that want to offer rich benefits at a lower cost to both themselves and employees. One program that has seen great success in the market is a level-funded solution that enhances benefits without unpredictable costs and burdens. Specifically built to support the nonprofit and mid-size for-profit sectors, these health insurance programs are built on the belief that employees shouldn’t have to choose between their financial and physical health.
This level-funded program is designed for employers with around 50+ employees on benefits and does not require carrier, provider, or insurance broker changes. This is a great solution for organizations that fit an HRA or self-funded model but can’t tolerate the month-to-month cost variance in claims, or don’t have the operational reserves to prefund this type of program. For employers and employees alike, direct savings and improved benefits mean better benefits for your employees for less.
For employees, the financial benefits include a reduction or elimination of employee out-of-pocket expenses, through a VISA card for in-network medical transactions per employee, with no carrier or network changes needed. This leads to increased productivity due to better access to primary care, and enhanced loyalty and workforce happiness thanks to a more comprehensive benefits package.
For employers, working this program means fixed monthly costs, return of reserve of unused funds, claims administration and white-glove customer support. It also means a more competitive benefits package, which can increase employee retention and satisfaction. It also offers innovative technology such as online enrollments and an integrated financial dashboard. This technology can enhance leaders’ decision-making ability as they have more readily available data.
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