Health Compass Consulting’s Post

Did you know that combining a High Deductible Health Plan (HDHP) ⬆️ with a Health Reimbursement Arrangement (HRA) 🔙 can result in lower costs for the employer and improved benefits for the employee? This unique solution is not only cost effective, but enhances employee satisfaction. Schedule a call today to explore how this can work for your organization: https://lnkd.in/gbFiSEg #HRA #HDHP #employeebenefits

When it comes to health benefits, the traditional cost-shifting approach isn’t enough. It’s time to rethink how you support your employees. What if you could increase deductibles while simultaneously lowering costs and enhancing benefits? Sounds unrealistic? Think again. Introducing MERPs (Medical Expense Reimbursement Policies) and HRAs (Health Reimbursement Arrangements) – two strategies that allow you to raise out-of-pocket expenses but use the savings from premiums to directly support your employees and their families. 🏦➡️👨👩👧👦 🔄️ Why is this approach effective? It mirrors the strategies of major insurance providers, who bank on only a small percentage of people facing significant healthcare expenses. By leveraging these savings, employers can create a win-win scenario – cutting costs while enhancing benefits. Curious about how this could work for your business? Watch the sneak peek below of our interview with Joe Donovan, where he breaks down how HRAs empower employers and advisers to become leaders in healthcare management. ⬇️ You can also watch the full interview here 👉 https://hubs.li/Q02P76zZ0

There are NO reasons for not having proper health care benefits in place. Well-structured healthcare benefits such as medical aid, medical insurance and gap cover can mitigate the financial risks associated with unexpected medical expenses for both employees and employers. With proper coverage in place, employees are less likely to face financial hardship due to medical bills, and employers are protected from potential liability. Structuring employee benefits also attracts talent, enhances employee satisfaction, ensures legal compliance, controls costs, promotes health and wellness, and gives your business a competitive advantage in the marketplace.

When it comes to health benefits, the traditional cost-shifting approach isn’t enough. It’s time to rethink how you support your employees. What if you could increase deductibles while simultaneously lowering costs and enhancing benefits? Sounds unrealistic? Think again. Introducing MERPs (Medical Expense Reimbursement Policies) and HRAs (Health Reimbursement Arrangements) – two strategies that allow you to raise out-of-pocket expenses but use the savings from premiums to directly support your employees and their families. 🏦➡️👨👩👧👦 🔄️ Why is this approach effective? It mirrors the strategies of major insurance providers, who bank on only a small percentage of people facing significant healthcare expenses. By leveraging these savings, employers can create a win-win scenario – cutting costs while enhancing benefits. Curious about how this could work for your business? Watch the sneak peek below of our interview with Joe Donovan, where he breaks down how HRAs empower employers and advisers to become leaders in healthcare management. ⬇️ You can also watch the full interview here 👉 https://hubs.li/Q02P7pZg0

The 2024 State of Healthcare study, conducted by Employee Benefit News and sponsored by Quantum Health, reveals that employees are less confident in navigating the healthcare system. While 67% feel confident in finding an in-network provider, only half of employees feel confident in understanding how their health benefits work. Turning to their company’s human resources is the number one resource employees use for health insurance questions, adding additional strain on HR teams. 👉 Learn more about these key findings and other insights in the study: https://hubs.ly/Q02zT9Nm0 👉 Download the full 2024 State of Healthcare report: https://hubs.ly/Q02zSYJw0 👉 Discover how relying on an experience #healthcarenavigation partner like Quantum Health can boost employee confidence in their #healthbenefits while helping free up HR professionals' time: https://lnkd.in/eKQUQ34M #EmployeeBenefits

When it comes to health benefits, the traditional cost-shifting approach isn’t enough. It’s time to rethink how you support your employees. What if you could increase deductibles while simultaneously lowering costs and enhancing benefits? Sounds unrealistic? Think again. Introducing MERPs (Medical Expense Reimbursement Policies) and HRAs (Health Reimbursement Arrangements) – two strategies that allow you to raise out-of-pocket expenses but use the savings from premiums to directly support your employees and their families. 🏦➡️👨👩👧👦 🔄️ Why is this approach effective? It mirrors the strategies of major insurance providers, who bank on only a small percentage of people facing significant healthcare expenses. By leveraging these savings, employers can create a win-win scenario – cutting costs while enhancing benefits. Curious about how this could work for your business? Watch the sneak peek below of our interview with Joe Donovan, where he breaks down how HRAs empower employers and advisers to become leaders in healthcare management. ⬇️ You can also watch the full interview here 👉 https://hubs.li/Q02P76zX0

When it comes to health benefits, the traditional cost-shifting approach isn’t enough. It’s time to rethink how you support your employees. What if you could increase deductibles while simultaneously lowering costs and enhancing benefits? Sounds unrealistic? Think again. Introducing MERPs (Medical Expense Reimbursement Policies) and HRAs (Health Reimbursement Arrangements) – two strategies that allow you to raise out-of-pocket expenses but use the savings from premiums to directly support your employees and their families. 🏦➡️👨👩👧👦 🔄️ Why is this approach effective? It mirrors the strategies of major insurance providers, who bank on only a small percentage of people facing significant healthcare expenses. By leveraging these savings, employers can create a win-win scenario – cutting costs while enhancing benefits. Curious about how this could work for your business? Watch the sneak peek below of our interview with Joe Donovan, where he breaks down how HRAs empower employers and advisers to become leaders in healthcare management. ⬇️ You can also watch the full interview here 👉 https://hubs.li/Q02P7sPY0

I often refer to fully insured plans as providing predictability without sustainability. Predictability - a known expense each month. Sustainability - medical trend at +5%, pharmacy trend at +8% (or more), expanding coverages and services in the areas of gender dysphoria, weight loss, and gene/cell therapy just to name a few. While the fully insured environment is a great fit for some employers who cannot absorb monthly cash flow variability, or have significant ongoing high cost claims, it's not the most efficient vehicle for managing health plan costs long-term. If you don't believe me, then do the math yourself. If your average fully insured renewal increase is +7.2% (a number most employers will simply accept), then in only 10 years your health insurance premiums will DOUBLE. How will you address this? Increase member out-of-pocket amounts? Charge higher employee contributions? Change carriers every few years when one is willing to "buy the business"? If you're interested in learning about solutions to better manage costs for you and your employees long-term then don't hesitate to reach out.

The healthcare industry is rife with overbilling. As a self-insured employer, you have a fiduciary duty to contain costs. But how can you ensure every bill is accurate when jargon obscures errors and third parties lack incentive? This is where an independent bill review provider can save the day! Companies like US Beacon will guarantee 30-40% average savings on bills over $10k. Their forensic analysis will uncover upcoding and unbundling. As a fiduciary, you're liable if you fail to review bills thoroughly. Don't assume your carriers are transparent. Independent review brings accountability, preventing negligence accusations down the road. Better yet, with no upfront fees, you only pay US Beacon if we find savings! It's a win-win to get the clarity and control needed to contain costs. So take charge of your bottom line. Independent review brings transparency to murky billing practices. Ensure fiduciary duty with guaranteed savings! The results will speak for themselves. What are your thoughts?

Don't default to "Functional and Familiar" The status quo is comfortable, but it's not good enough. Health Compass Consulting is on a mission to eliminate the $300 billion employers currently waste on healthcare annually. Let's stop doing that and use a better model for financing and procuring employer healthcare. Donovan Pyle, SHRM-SCP, REBC, CHVP Bunky Garrabrant Carol Hensal #BenefitsConsulting #HealthcareManagement #hrstrategy #BusinessSuccess #HealthCompassConsulting #EmployeeBenefits #Healthcare #Insurance #Wellness #HRManagement #CorporateHealth #BusinessStrategy #FinancialWellness #CostSavings #MissionDriven