Is Your Current Benefits Broker Leaving Money on the Table?
As benefits brokers, we can help your company through the complexities of healthcare open enrollment while helping your company save money through cost containment strategies and staying up to date on the latest healthcare industry changes that could affect your business.
For example, Zenefits the digital brokerage giant has announced that it will transition 7,000 clients to a new brokerage (full article) as they leave their broker of record program to focus solely on providing technology. If this leaves you or someone you know without a benefits broker going into enrollment season, we would love to discuss your options and how Alliance can be a resource.
Even if you haven't been affected, this is the best time of year to assess your relationship with your broker to ensure that they are serving your best interest with cost savings.
We believe in helping clients that are frustrated about paying too much for insurance by developing strategies like:
Large Group Platforms: According to the ACA, any company with less than 100 employees is defined as a small group and defaults to small group plans. We have been showing companies strategies to move onto large group plans (with groups with as little as 10 enrolled employees). In doing so the company can take advantage of the employees' good health and in some cases cut costs by more than 30%.
Transparency: Overall, the cost of procedures can vary greatly depending on where you have it performed. For example, an MRI can range between $500 up to $5000. We bring strategies to help give employees the necessary information to make informed decisions on how to book appointments strategically.
Reference-Based Pricing (Instead of Carrier Discounts): This changes the way that prices for procedures are negotiated. Traditional PPO models are negotiated models that carriers have with providers, “in network”. In this model medical carriers allow providers to charge 400% of what Medicare reimbursements are (that’s 4 x more). The difference with reference-based pricing model there is a cap (usually around 160% of Medicare) that is negotiated with the provider prior to a procedure. Utilizing this model can save 20%+ in medical spend per year.
Is it time to look at a new broker that truly works for you? Our health benefits administration, along with our other services including payroll, commercial insurance, and risk management provide a single solution for your company's needs.
Reach out for some good no-obligation information by filling out the short form below, and we'll see if we can save you some time, money, and peace of mind.