How to Battle Skyrocketing Healthcare Costs
Employers fight a constant battle between income and expenses. Ongoing increases in health insurance premiums have motivated many employers to examine replacing expensive health insurance with a lower cost employer-funded health benefits plan.
Web of Confusion
Looking at the complex and expensive healthcare landscape, it doesn’t take long for a company to start rethinking its health benefits strategy.
There are two dominate plans used by most companies:
The traditional, fully insured health plan
A self-insured plan using traditional networks and services
The problem: Both models are built on cost increases, which happen every year. A broker is paid a percentage of the premium creating a win-win for the carrier and for the broker, but not for the employer and employees.
Goodbye to Traditional Insurance
Breaking ties with an insurance carrier allows you to build a custom self-funded plan, using reference-based pricing, that makes sense for your company and your employees.
There are several reasons employers choose to self-fund without an insurance carrier:
Create a custom plan to meet the exact needs of your employees.
Save significant monthly premium dollars, no state health insurance premium taxes, no prepayment for coverage, control over health plan reserves.
Avoid conflicting state health insurance regulations/benefit mandates, as self-insured health plans are regulated under federal law (ERISA).
Access any provider as a possibility. Free to contract with providers who are best suited to meet the healthcare needs of your employees.
Willow Health: Third Party Administrator
At Willow Health, our goal is to deliver the services you need to successfully build and run your self-funded health benefits plan that accomplishes the following key goals:
Lower annual healthcare costs for your business and your employees.
Provide an open provider network.
Create a high touch, local customer experience for employees.
Full federal regulatory compliance.
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