Employers continue to seek creative, cost-efficient ways to provide a comprehensive benefits package that addresses the needs of their employees. Today’s workforce is diverse, younger and changing, which requires employers to evaluate their benefits portfolio, especially when it comes to attracting and retaining high-quality employees. While health insurance will likely continue to be a top priority for most, employers need to broaden the range of benefit offerings to address cost and the personal needs of their employees. The benefits experts at PTC CCG Corporate Coverage group take a look at emerging benefit trends to consider.
Historically this funding method was utilized for large employers. But now, medium and small employers are reaping the rewards that this approach can offer. Self-funding identifies where the medical dollars are being spent and supports cost stabilization. This funding strategy differs from a fully-insured plan in that the employer assumes direct responsibility for the health care costs of its employees. To protect against catastrophic claims and to cap the financial risk, employers purchase stop-loss insurance. Our experienced benefits consultants at PTC CCG Corporate Coverage group can provide the necessary research and analysis required to determine if this strategy is right for you.
Predictive Modeling & Data Analytics
Predictive modeling and data analytics software can lower the largest cost of your health insurance program – emerging claims. This technology identifies the health plan participants who are non-compliant with preventive care, and those who require disease management, prescription drug maintenance or health coaching intervention. Once identified, we can evaluate actual costs and forecast potential costs for the coming 12 months for services like emergency room visits and inpatient hospital stays. Through identification, evaluation and management of emerging claims we can develop a risk management strategy to stabilize or reduce your premium costs.
Referenced-Based Pricing (RBP)
This unique self-funding option sets spending limits on certain medical procedures and services. These limits are set on services that fluctuate in cost and on the services that employees can take time to make a decision based on price and quality.
Examples of these services include prescriptions, lab tests and joint replacements. In these examples there are lower cost options that typically are of the same quality as the more expensive alternatives. With RBP, employers do not risk paying inflated prices for services that could be done more inexpensively. By setting limits on certain procedures, employers are empowering employees to take charge of their health care decisions. The RBP strategy is unique in its ability to reduce costs while simultaneously promoting employee health awareness.
On-Site Care Clinics
This employee benefit allows employees to more easily fit treatment into their schedules, eliminating the need for medical visits to offsite facilities. Providing on-site access to convenient care services for employees can reduce absenteeism, prevent disability claims and mitigate work-related injuries. Furthermore, it can give an employer the ability to exert greater control over avoidable costs such as visits to specialists, prescriptions, emergency room visits and hospitalizations. By helping to improve the health of the workforce and changing behaviors through screenings, early health condition identification and better chronic conditions management, treatment costs can be reduced significantly.
Student Loan Assistance Programs
A unique way employers can differentiate themselves as an employer of choice is to offer a student loan assistance benefit. This benefit allows employers to make monthly contributions directly to the student loan servicer while employees continue to make their regular payments. This monthly contribution is applied directly to the loan principal and can shave several years off of a student loan. In today’s job market, offering a benefit to address student loan debt can give an employer a competitive edge when it comes to recruiting and retaining the best and brightest employees.