Every year, millions of seniors purchase Medigap plans to fill in “high deductible” holes in Medicare parts A&B. When surveyed, 94% either “like or love” their health plans. Using a similar strategy, you can get similar results – improving available resources for both your organization and its employees.
The key is to combine a competitive “Level Funded” High Deductible Health Plan with a Group Supplemental Health or “Insured HRA” GAP plan. With the right fully insured GAP plan, you can offer seamless supplemental deductible/coinsurance coverage to your employees, similar to how Medigap plans work for seniors. Employees even get to choose their level of deductible protection. To illustrate, we’ve created a case study:
Current: 96 Employee Group on a National Carrier $1000 deductible 80/20% plan with max OOP of $2500/person. Renewal: 13% Increase.
Solution: HDHP Level Funded Plan + Supplemental GAP Plan (Insured HRA).
Results: Level Funded + Insured HRA provides coverage similar to the current plan (Max OOP of $2150 per person) while saving the organization in question $232,841.51 over renewal figures: View Summary
To learn more about these and other HDHP solutions, contact Chelten Consulting.