how to save money on group health insurance
Post on 15-May-2015
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Save Money on Health InsuranceCompare group health plans and pick the best
Version 2, April 2011
Carrier
• 400+ plans
• Constantly changing
• Increasing rates
Agent
• Lacks knowledge
• Lacks tools to perform a comprehensive analysis
Employer
• Often chooses health plan for employee
• Can’t compare apples to apples
• Takes 3 weeks with Excel
Employee
• Only one who knows the need
• Input rarely considered
• Takes what company provides
Where there’s confusion,
there is insurance revenue
Difficulty recommending the right plan
$$ vs. benefit dilemma
One size does not fit all
Current Situation
Confusing
Complicated
Time-consuming
This makes choosing health insurance:
Subject to guesswork
A choice between costs and quality
Current Situation
Conflicting: costs versus employee retention
Expensive medical costs: hospitalizations, surgeries
Immediate care in case of an emergency
Costly prescriptions
Peace of mind
Covered and Protected
We need health insurance to have coverage for:
How we Pay
The periodic amount that we pay for insurance coverage
Usually paid monthly
Age and location (state) are important determinants
1. Premium
2. Deductible
3. Co-Insurance 4. Co-pay 5. Max out
of pocket
Cumulative over the calendar year
The higher the deductible, the lower the premium
Exposure is limited by your maximum out of pocket
A deductible is the amount you have to pay before insurance starts paying towards your claims.
Deductible
Deductible Co-insurance Co-pay Max out
of pocket
Insurance pays a portion, insured pays a portion
Kicks in after your deductible has been met.
Included in the cap on out-of-pocket fees
Example: 80/20 co-insurance plan, $1000 claim: you pay $200, insurer $800
Co-Insurance
Co-insurance is a percentage of each claim you must pay. Your health insurance pays the rest.
Deductible Co-insurance Co-pay Max out
of pocket
A low co-pay can look like a good deal, but it can make health insurance very expensive.
Most people value their health insurance by the co-pay
”It only costs me $30 to see a doctor”
Co-Pay
Co-pay is a flat rate we pay for office visits and generic name and brand name prescriptions.
A lower co-pay generally means a higher premium
Deductible Co-insurance Co-pay Max out
of pocket
When the maximum is met, any remaining applicable out of pocket requirements are waived for the remainder of the year.
Co-insurance payments are included and accumulated over the calendar year.
$7,500 is a common out-of-pocket maximum
Max out of Pocket
Max out of pocket is the most you will have to pay after your premium, given the worst-case scenario.
Deductible Co-insurance Co-pay Max out
of pocket
To ensure you have a high performance insurance plan, you need to evaluate:
The Right Policy
Plus: you need to think about how each plan pays small, medium and large claims.
1.Premium
2.Deductible
3.Co-insurance
4.Co-pay
5.Max out of pocket
Average annual claims by percentage of the US population*:
*Source: Watson Wyatt Worldwide
92% of people have small, frequent medical expenses (<$1,200) which usually have little or no coverage under most health insurance plans.
68%
24%8%
$150 $1,200 $12,500
Amount of claims per year:
Claim Levels
Web-based technology that provides independent analytic comparisons of group health plans in California
All carriers and plans (400+) are included
Brings transparency to the insurance purchasing process- reveals all hidden costs
Designed for small businesses with less than 50 employees
Graphs, charts, reviews and explanations help to understand your choices
SuperAgent
SuperAgent makes over two million calculations in less than twenty seconds.
Quickly submit your census: no data entry needed. Just click the people.
Allocate your budget: set your contribution level based on a fixed amount, variable amount or as a percentage
Compare your carrier and plans against all others. Review insurance carrier cost, quality of care, and customer satisfaction.
SuperAgent Features
Plans are compared and ranked by value. Find the best plans for your budget and needs.
Detailed quotes for each of your members. Dependant costs are displayed separately.
Enroll and manage your group health insurance online
SuperAgent Features
Save money- SuperAgent saves users an average of $700-$1000 per employee per year
Feel empowered- confidently select plans with the best ROI
Free, fast and easy to use- save time, money and energy
Retain employees- by involving them in the process and by offering more competitive benefits
Budget support: allocate your employer contribution wisely
Benefits
If you have 10 employees, this could mean you could save up to $10,000 a year!
Would you like to:
Demonstration
We would like to show you a demonstration of the SuperAgent tool; see it for yourself.
See how effective your current coverage is?
Choose insurance plans based on quality and value?
See how much money you can save per employee?
Simplify your insurance purchasing decisions?
Learn how to effectively manage your budget?
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