Questions you must ask your health insurance broker to see if they’re worth keeping.
DOWNLOAD: Eight Questions You Should be Asking Your Advisor (PDF)
5) What is it that you do to manage my company’s health insurance renewal?
If your broker is simply shopping fully insured carriers and negotiating a “less bad” renewal, it’s time to look for another broker as you’re likely grossly overspending. Your broker needs to have effective leverage in order to negotiate with health insurance carriers.
6) Are you showing me both “bundled” and “unbundled” self-insurance solutions?
There are self-funded health plans that are “bundled” which means employers have no choices or flexibility. There are also self-funded health plans that are “unbundled” which gives employers the opportunity to select vendors that are best in class. Employers are typically much better served with an unbundled health plan.
7) What approaches do you recommend to encourage my employees to be great consumers of healthcare?
There is very little price transparency in the healthcare industry. We have seen the cost of an MRI range from $500 to $5000 with the same equipment, same test, and different providers. There is a huge disparity in cost between facilities, hospitals, and diagnostic centers. Top consultants are making available highly effective solutions to incentive employees to be great consumers of healthcare. When employees choose the best doctors, facilities, and/or hospitals, care can be free. This is a win/win for the employee and the employer sponsored health plan.
8) What are your most effective solutions to incentivize my employees to participate on their spouse’s health plan?
The cost of insuring an employee’s dependents is very expensive, often significantly more expensive that insuring the employee. There are numerous solutions to motivate dependents to participate on other health plans. These risk transfer strategies can be designed to be an incentive and/or to be penal.
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Three (3) strategies to take a deductible increase and turn it into a BENEFIT:
Promoting access to QUALITY healthcare
Adding the cost of Direct Primary Care (DPC)
Changing the way, you structure the Rx program