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Renewal rate too high? What to do about your group plan



Before you consider cutting your group plan benefits, read this.

If you’re a fully-insured employer who just received a huge rate hike on your group plan renewal, you may be considering cutting benefits or changing your plan design.

Instead, you may want to consider a change to your funding strategy. Employers have more choices than they realize when it comes to financing their employees’ healthcare. Purchasing a fully-insured health plan may be what you’ve always done, but there are a lot of alternatives that aren’t as complex as they seem.

These strategies can potentially save your organization tens of thousands of dollars, while allowing you to actually expand benefits options for your employees.

(More: How a 40-employee group saved $100,000 with reference-based pricing.)

Moving toward a self-insured benefits plan allows for more transparency, claims audits and cost containment than a fully-insured plan.

While there have been challenges for small groups to self-insure in the past, new solutions are available for groups of all sizes to move to a self-funded strategy. Learn more: Should my organization self-insure?

Funding benefits is a continuum, and there are also blended options that allow employers to take advantage of the benefits of self-funding while also minimizing risk.

Bernard Health advisors are experts in implementing and administering a variety of funding strategies. If you are facing unsustainable rate increases, give us a call.

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