Star Risk helps companies determine a long term strategy for their medical benefits program. Many employers have been addressing the recent double digit medical cost inflation by reducing the value of benefits through increased deductibles, coinsurance, co-payments and contributions. This may represent a short term answer to increased costs but it does not serve to address the real problem or create a long term solution.
Reducing benefits for short term savings often has significant repercussions for a firm. Quality employees are often more informed and selective when considering medical benefits offered by their current or prospective employers. It may also reduce the population of participating employees due to the high cost or dissatisfaction with the benefits offered. The employees that waive coverage are typically those that are young or consider themselves to be healthy. This very common strategy may not ultimately reduce annual claims expenses and may actually lead to an increase in the average cost of claims per employee through adverse selection, resulting in increased premiums.
Star Risk will perform an analysis of your health benefits program based on various pieces of information including your firm’s size, medical census and current medical plan summaries to determine how to best solve the problem. We understand the filed rates throughout the states and deviations that can be used based on your industry class, age and gender demographics. Our consultants will outline your options regarding medical and non-medical carriers, FSA/HRA administrators, HSA providers, benefit and program design, wellness programs to control costs for the long term, premium-funding, enrollment and much more. With proper design and communication, your employee benefits package will create a healthy workforce while attracting and maintaining employees. Let us create a cost containment plan for you! And yes, we will look to create value for your firm and save you money throughout the process! Whether your group is large or small, self-insured or fully insured, Star Risk will work with you to create a comprehensive flexible program that will meet your needs.
