Group Health Insurance for Your Employees
Group Health Insurance solutions for employers inside the U.S. Alternatives available for international health insurance.
Group Health Insurance
Group health insurance is a significant organizational decision that consists of two key components – your budget and your staff. For most employers, health coverage is a top 5 expenditure. In addition, providing health insurance for your employees communicates the desire to attract, take care of and keep top talent. While most employers recognize the importance of providing a comprehensive health insurance package to their employees, they are often finding it increasingly cost prohibitive to provide the best options. Premiums are rising and the options for staying within the budget often feel limited. Increase the deductible to lower the costs. Or pass on more of the costs to employees. Neither option is optimal.
At Moody, we have experts that can assist with getting the most value for your health insurance dollar. Rather than reactively managing a renewal increase, we help you to design a long term strategy that controls costs and improves healthcare. Let us help you turn your Group Health program into an investment that makes sense for your budget and your people.
Alternative Solutions
As an independent agency, we are not bound to a single method or typical one-company product line solutions. We can offer you options. Your company’s health insurance needs are as unique as you, your staff and your business. While we do have access to all the traditional plans available to small and large groups, we can also provide alternative solutions.
When you work with Moody, your Risk Advisor that will conduct an assessment study. We review your current health insurance program, your employee demographics, your employee benefits goals and your enterprise strategic plan. In addition, we review your state of domicile, the carrier options within the state, the compliance landscape as it applies to the size and scope of your organization and the alternative funding mechanisms available. This feasibility study produces insights into the possible strategy, coverage, and cost options available based on the specific characteristics and desires of your organization. You and your Risk Advisor gain the information needed to design a tailored health insurance solution for your organization.
The Toolbox
The Moody toolbox of potential group health insurance strategies includes:
Group Health Insurance Strategies
Group Health Insurance Strategy
The Group Health Insurance strategy landscape is changing. In the past, only larger groups could implement methods that reduced claims and therefore costs, while improving the overall quality of health coverage. But small groups were left in the dark. Why do you receive an increase on your health insurance premium every year? Are health insurance claims causing the increase? How do you control the costs of this large budget item?
There is no one-size-fits-all solution. But there are alternatives to the endless cycle of receiving your health insurance renewal, including a premium increase, without any insight or clarity. We want to put control and clarity back in your hands. At Moody, we believe that health insurance is not a one-year decision. A long-term strategy designed over a 3-5 year time line helps both your employees and your budget.
The Role of Claim Data
One of the key ingredients of an improved Group Health Insurance Strategy is health claim data. With any other type of insurance policy, a simple request gives you access to the claims data associated with that policy. However, that is not the case with small group health insurance in most instances. Historically, small groups have been severely limited in their ability to access their own group claim data. Large group health insurance is handled differently and most large groups access and use their health insurance claim information to develop cost containment strategies. Claim data is critical in the pursuit of improved healthcare and lowering costs.
Now, because of changes in regulations and improvement in technology it is possible for medium and small employers to take advantage of strategies used by larger companies. In certain circumstances, it is now possible for small groups to access their own claims data. Claims-data is anonymized. However, it gives insight into how and where your employees utilize their healthcare. This gives the opportunity to create a pro-active strategy. Change is possible.
Want to get started on a strategic path? Call us at (855) 868-0170 or email us and let’s begin the conversation at moodybenefits@moodyinsurance.com