Benefit and Cost Saving Strategies
Modify benefits offerings by re- evaluating plan designs, such as increasing deductibles, out-of-pocket maximums, or changing co-pays for certain services. This can help reduce premium costs while maintaining essential coverage. Implementing disease management programs for employees with chronic conditions (e.g., diabetes, heart disease) can help control future healthcare costs by encouraging better management of those conditions and reducing costly medical interventions. Providing resources such as coaching, support groups, and tools to manage chronic health conditions can reduce the need for expensive treatments and hospitalizations. Exploring self-funding or level funding options for health plans can provide more control over healthcare costs and cash flow, potentially leading to savings. In some cases, companies may form a captive insurance group with other organizations to pool risks and potentially lower the cost of employee health benefits. These strategies, when tailored to the specific needs of an organization and its workforce, can lead to substantial savings on employee benefits programs.
Plan Design Optimization & Contract Management
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Health Risk & Disease Management
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Alternative Funding
Arrangements 3
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