That being said, here are a few words of advice we can give that may help you…
Don’t Tolerate a Sky-High Renewal – Planning can come to a halt when your renewal arrives and you find that your rates have gone through the roof. Stay calm and ask your broker or TPA for every alternative. This is very common when the overall benefits environment is in chaos.
Be Prepared for Higher Claim Costs – Rapid change can stifle your efforts to match your benefit objectives with the needs of your covered group. Make sure your plan design gives you the flexibility you’ll need to adapt when claim costs are rising.
Even in the face of healthcare reform, you can find the light at the end of the tunnel. By now we know the Affordable Care Act is here to stay. And, whenever such an overhaul of our healthcare system takes place it is important to be proactive, take a step back and assess your current situation. Here are some tips for you to consider:
Tip: Examine the Benefits of Self-Funding
If your current plan is not self-funded, it’s time you understood how it can help your organization. Not only can it give you the tools and flexibility to meet the needs of your employees, but the information gained in the claims administration process will help identify areas where wellness and disease management programs can help employees make better healthcare decisions. These programs may help transform at-risk behavior patterns that can lead to chronic illness such as diabetes.
Tip: Administration Must Include Compliance
When Diversified Group administers a partially self-funded health plan, compliance assistance is a standard part of the process. That means going beyond ERISA, COBRA, HIPAA and FMLA compliance. We make sure our clients understand the timelines and potential penalties associated with the Affordable Care Act and comply with the reporting requirements that apply to self-funded plans.