Employers are walking a fine line these days.
They've got to try to keep rising health care costs under control, so they can continue to afford to offer coverage to their employees. Meanwhile, they've got to make sure the coverage being offered is providing sufficient value to meet the needs of employees during a time when uncertainty and a variety of new demands like caregiving and financial uncertainty are providing different pressures.
It's a complicated and high-stakes balancing act—one that requires organizations to constantly evaluate and refine their health plan design strategies. Supported by their brokers and consultants, most employers go through an annual exercise of figuring out what changes they need to make to their plans to contain health care costs without compromising coverage.
Should they raise employee premium contributions? Apply spousal surcharges? Lower in-network deductibles? Change copay amounts for certain services?
These represent only a fraction of the types of questions that can go into formulating health plan designs, which have largely continued to increase in complexity over the years.
Without the right tools to enable a comprehensive yet simplified approach to health plan design, it can be a time-consuming and labor-intensive process that yields less than the desired result – or even makes things worse – and often feels like guesswork.
That's why we created a plan modeling tool within our analytics solution.
Benefitplace predictive plan modeling tools help employers and brokers evaluate health plan design changes.
Benefitplace Health Insights includes predictive analytics and plan modeling tools that allows employers, brokers, advisors and third-party administrators to quickly and accurately forecast future spending and evaluate the financial impact of changes to plan design. With the ability to fully re-adjudicate current claims data, users can thoroughly review current year plans, test different scenarios and analyze the financial impact of any plan design changes.
Benefitplace Health Insights predictive analytics and plan modeling tools enable:
More Accurate Cost Forecasting
By fully re-adjudicating current claims data across a comprehensive set of plan design variables, and with the ability to incorporate inflation, employers and brokers can better project future health care costs.
Significant Time Savings
Designing health plans manually can be time-consuming and confusing. With these tools, employers and brokers s in a matter of minutes.
Greater Visibility on Financial Impact
Providing an end-to-end financial analysis of current health plan versus alternate design, employers and brokers are enabled to understand the full impact any changes will have on both employer and employee spending.
Use this calculator to estimate how much your could save with comprehensive benefits data analytics tools.
