From the Field: Top 10 Reasons Your Friends Don’t Let Your Friends Talk About Money | Roundstone Insurance

While traveling around the country, Roundstone’s Regional Practice Leaders meet many employers who are frustrated with their health insurance plans. A large increase in the revision, no transparency, and little flexibility at the top of the list of products.

Roundstone’s self-funded medical care group is another great option. It’s a great financial solution that offers a cost-effective and open platform for employers to control their health care spending while providing the best possible benefits to employees. This includes flexible plan design and 100% transparency in medical costs.

We are often compared to a level-money the solution, an alternative financing system that attempts to combine both insurance and self-financing. Employers get a lump sum of one month’s salary as a full insurance policy, and they return the money their group makes at the end of the year as a self-financing plan. Proponents of defined benefit plans call this the “best of both worlds”, giving employers less power and allowing them to share the costs.

To this, we say, “Why not manage all medical expenses and save.” everything about savings?”

Our marketing team has debunked the common misconceptions and weaknesses of the high income system. If you’re thinking about a great income plan, do your homework to make sure it’s going to work for you and save you money.

Why We Reject Funds:

1. RX return

Does the plan offer 100% reimbursement of the RX out of your pocket, or are they keeping it to themselves? Most premium plans do not cover 100% of your RX reimbursements. Pharmaceutical costs are approaching 30% of the company’s medical expenses. The money adds up!

2. Plan Design flexibility

Flat rate plans allow you to choose from their canned options, such as a comprehensive insurance plan. Your team has unique needs that can be fully considered when you use an open source platform to build your bundle. Pay-as-you-go plans don’t give you that choice.

3. Very Fixed Prices

What is fixed income vs variable costs? Most premium plans require a 50/50 split of fixed and variable costs. But when you break it down, the fixed costs of a high-paying plan are north of 75%. The variable cost is the cost you can control and our variable cost is 85%, which gives you a lot of savings. This is a big reason no choose a paid plan and rate.

4. Money for Max

Rate-paying plans use more money. This means that you pay for the most difficult things in advance. While this is a good option for some groups, it is important that employers choose to pay as they go, pay their expectations, or fund to max. When you earn more money, you can make more money because your savings plan saves you money.

5. Additional Requirements

Can you save as much as you want when you leave? Generally, in a rate-supported program, the answer is no. Others Plans with more money split your needs 50/50, and only if you renew your plan. Your money should stay with you, not hold you back while you renovate.

6. Price Adjustments

Groups with large amounts of money should be prepared to receive a significant increase in renewals. On average we’ve seen north of 35% in first year renewals. In addition, groups are losing half of the money they claim to spend. Organizations have little control over their innovation process, and cannot change plans to improve their profitability. Instead, they are eating into the double digits, just like a full insurance plan.

7. Termination

High-income groups pay for “protection” and while this may seem like protection, we don’t believe it pays to pay up front. Our recovery rate is 97%. Why are you paying for something most of our customers don’t need?

8. Sharing of Risks

One of the biggest concerns about moving from a comprehensive insurance plan is the additional risk. What happens if your team has a bad year? In a pay-as-you-go plan, you’re on your own. At Roundstone’s self-funded prison, your risk is shared with any other group in captivity, and protected by stop the waste process. Fortune 500 companies use the rule of thumb to hedge against risk while retaining capital. The captives build small groups together to play the same rule of thumb, so you are not aloneand everyone shares the remaining money at the end of the year.

9. Determination of Claims

The higher the application fee, the more money the insurance carrier earns to cover the cost. Plans with high premiums and those with full insurance have similar features. They have no incentive to manage cheap claims. With a self-funding plan, not only are you encouraged to implement cost-effective programs (because you save money), but we’ll help you find reliable partners that fit your team’s needs and give you all the money.

10. Reporting

Some high-income plans offer limited reporting, but they are often less transparent. You don’t get Big Data Reporting or ID Reports, and you don’t get Administrative Records. Roundstone’s automated financial statements allow you to report on every dollar you spend under your health plan, with national information available to easily compare your costs and see where there is room for improvement.

While high-income plans may sound appealing from afar, a self-funded plan offers small to medium-sized businesses access to the health insurance that Fortune 500 companies have been using for years. It is clearly superior. With a self-funding plan, you can reduce your annual expenses and provide your employees with affordable health care.

Find out how you can save thousands every year with the captive team from Roundstone. Contact us today at 440-617-0333 or fill out our online contact form.