FairCost Health Plan’s Post

You focus on growing your revenue and reducing costs ... that's what smart businesspeople do. Did you know you've also got a "hidden business"? And it's costing you more every year. And even impacting your main business. Real costs. Lower profits. Read more to discover your "hidden business" and how you need to pay attention to improve your profits. https://zurl.co/CKs9 #profits #healthcare #smartbusiness #insurancepremiums #cfo #ceo #ceoforum #cfoforum

It has always amazed me how good business folks will work so hard to insure they have the best deal for everything from rent to paper supplies yet won't apply the same diligence to what has to be their #2 or #3 expense item on their P&L. If paper supplies went up 10% every year, most business owners would sake alternatives. Yet, when it comes to benefits, they seem to accept the status quo which serves up "great news - your rates are only going up 11%". Dealing with advisors that only represent status quo resources (BUCAH) will never resolve the underlying issue. In order to take control of runaway health plan cost, you have to do just that ……TAKE CONTROL. This means getting rid of the middlemen (BUCAH insurance companies) and working with an advisor (Mitigate Partner) that can build a plan of your design and with direct contracts and communications with providers. In a recent conference about this topic, I heard over and over again "…All it takes is courage…". Yes, years ago when we started building plans for our clients, it was a courageous endeavor. Today, with so many examples of success amongst our clients, it no longer takes courage. We have provided lower copays and deductibles while reducing health plan costs by as much as 30%. The pathway is proven. If your advisor won't even speak with you about alternatives, it might be time for a conversation.

🚨 90% of Business owners don't know how to offset Deductibles 🚨 Small business owners face an uphill battle when it comes to providing quality healthcare benefits. The process is complex, time-consuming, and often leads to sky-high premiums. It's a challenge that leaves many entrepreneurs frustrated and overwhelmed. But there's hope. 🛡️ Partnering with an experienced broker team can transform this daunting task into a manageable one. Brokers have the expertise and industry connections to navigate the labyrinth of healthcare options, ensuring you find a plan that fits your budget and meets your team's needs. 👉 They analyze your specific requirements and negotiate with insurers on your behalf. 👉 They provide tailored recommendations that save you time and money. 👉 They offer ongoing support to adapt your plan as your business evolves. Don’t let the struggle for affordable healthcare stall your business growth. Reach out to a trusted broker team today and discover how they can turn a major pain point into a seamless, cost-effective solution. #SmallBusiness #Healthcare #Insurance #BrokerSolutions #BusinessGrowth #AffordableHealthcare

Exploring employee benefit options for your team? Not sure where to turn with so many options? Consider the pros and cons of fully insured vs. self-funding plans. Where does level funding fit in? Fully insured plans offer predictability with fixed premiums, while self-funding allows more flexibility and potential cost savings. Level funding combines aspects of both, providing stability with the opportunity for refunds if claims are lower than expected. Understanding these options can empower you to make the best choice for your organization's healthcare needs. We are here to help educate and help answer the tough questions. Let's chat. #Insurance #EmployeeBenefits #HumanResources

📈 Are you an employer facing the soaring costs of healthcare? Group #StopLoss Captives are all about sharing, predicting, and controlling costs together — so you can offer quality health benefits to your employees for less. Read our latest blog to learn more about #selffunding with a group captive! https://lnkd.in/e-GhfgCW

Learn more about what the group medical captive can do for your employees and your bottom line.

From understanding policy details to leveraging #financial tools, here are some strategies to help you make informed decisions, save money, and maximize your #healthcare coverage: https://ow.ly/hfPW50QAOrp

Small and medium businesses must navigate several steps in order to find the ideal health plan that fits their needs leaving many business owners to wonder, “do I really need a healthcare broker?" To understand the answer to this common question, you can read the full article at the link below. https://lnkd.in/g46g-hsa

What Is Leveraged Trend & How Does It Impact My Health Plan Not understanding this phenomenon leads to frustrating renewals! Definition: Leveraged #trend occurs when an increase in risk exposure for a stop loss carrier surpasses an increase in medical claims from one year to the next. That's a mouthful. Let's break that down with an example: Employer A has a stop loss policy with a deductible of $75,000. In other words, they are responsible for the first $75,000 of a claim. After the employer pays their portion, the stop loss carrier will pay whatever is left. Assume that a claim comes in for $100,000. Employer A will pay $75,000 and the stop loss carrier will pay $25,000. Fast forward the clock by 12 months. Assume the same $100,000 medical claim now costs $105,000--an increase of 5%. If Employer A has the exact same stop loss policy, they will still be responsible for the first $75,000. However, this time around, the stop loss carrier will pay $30,000. This is an increase of 20% from the prior year for the stop loss carrier! To summarize, even though medical claims only increased by 5% in a 12-month time period, the stop loss carrier's risk exposure increased by 20%. This is why, on average, your stop loss premiums will go up faster than observed medical trend for the market as a whole. This same phenomenon applies when your employees' cost share (Deductible, Out-Of-Pocket-Maximum, etc. . .) is high. The best way to combat leveraged trend is to either: (1) Make modest, incremental increases to your stop loss deductible. (2) Employ an aggregating specific deductible. #employeebenefits #healthinsurance

Are you a mid-market business owner seeking better ways to manage insurance and employee benefits costs? Group medical captives might be the solution for you! Captives are perfect for businesses excelling in risk management and industry leadership. Why Consider a Captive? - Insurance Challenges: Hard markets, rising premiums, increasing deductibles, new policy exclusions, and carrier non-renewals. - Lack of Customizable Coverages: Struggles with legislative changes, administrative actions, and business interruptions. - Help for Existing Captives: Support for organizational, administrative, and financial management for regulatory compliance. - Rising Costs: Increased employee benefits, administration, and insurance program compliance expenses. If your company aligns with these challenges, captives offer customized and cost-effective solutions. Let’s explore how we can assist in enhancing your risk performance and outcomes. #InsuranceSolutions #GroupCaptives #RiskManagement #EmployeeBenefits #MidMarketBusinesses