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The Perfect Fit: Tailor your Healthcare Coverage to fit your Employees

Choosing the right healthcare coverage is difficult and often seems like a one-size-fits-all package: expensive coverage with options you may not need.

Whether you’re a CFO, HR Director, or company leader, you’ve got a difficult decision to make. How do you keep employees happy and control costs in a high insurance premium environment? Going with a traditional, fully insured health insurance plan may not help you reach your goals, but you’re not sure what alternatives exist.

If only you could design your own plan….

You’d choose a plan you could monitor for cost-effectiveness and retain your talented staff members. It would have the benefits designed specifically for your employee demographics without paying for benefits you don’t need. And it would fit your budget.

Creating your own healthcare insurance plan is no longer a dream, but a reality. So, how do you do it?

Find a reliable partner that can provide you with these 6 things:

1. Data Analytics

To control costs, you must understand what is driving those costs and monitor them regularly. With a data analytics dashboard, you don’t just hope and pray your costs to stay in line. You have immediate access to your plan’s performance and the individual factors that drive costs including pharmacy claims, utilization rates, and clinical outcomes. You can’t control what you don’t monitor – but we give you the tools to keep your costs and plan aligned.

2. Disease Management

Recent studies indicate that rising healthcare costs can range in the million-dollar (or more) for chronic illnesses. Keeping on top of those conditions and managing their outcomes can make or break your budget. Find a partner that can provide you with the management tools you need to monitor and address these difficult conditions and their impact on your company.

3. Wellness Management

Healthy employees are the key to controlling healthcare premiums. Investing in their health can play a huge part in holding down premiums. Explore innovative, easy to understand wellness programs that encourage your staff to stay healthy by engaging with their providers.

4. Employee Demographics

Your company’s line of business and employee demographics are the basis for designing insurance plans. Whether you’re a car dealership, tech startup, non-profit or call center, you have specific demographics that drive the cost of your plan. Understanding how to leverage those demographics to create a tailored plan is the key to creating cost-effective plans that keep employees happy.

5. Technical Integration

Gone are the days of unused paper benefit booklets, claim forms, and enrollment applications. HRIS systems increase efficiency for both the HR department and employees. Find a partner with an intuitive system designed to easily integrate with most HRIS systems to make it easier for your HR department and employees to have access to their enrollment, payroll, and benefits information.

6. Plans Your Employees Will Enjoy

In this era of unprecedented low unemployment, losing key staff members is a significant hardship on the entire company. Valuable benefits that are easy to access, meet their own and family needs, and have affordable premiums are key to keeping staff members productive and around for the long term. With options for Telemedicine, EAP, HRIS system access, keep your talented staff around for the long term.

Benefits should be designed to fit your unique needs, at a price you can afford, and that employees will like and use. Here is a case study from our friends at Evolution Healthcare that will walk you through the advantages of a customizable, self-funding insurance plan.

If you want to find out more about how to create a unique plan that fits your budget, satisfies your team members, and lets you keep more of your profits contact Sapoznik today!

Are You Protected?

Imagine This

Imagine you had a machine in your living room that generated $100,000 per year. Would you spend 3% of that $100,000 to ensure that machine keeps working?

Imagine you had a Triple Crown racehorse that generated over a $1,000,000 a year in winnings.  How far would you go to protect your winning racehorse? Would you insure the horse?

Having traditional medical insurance is essential. However, it doesn’t cover every expense related to an injury or illness, and bills can quickly pile up.

Why do you need disability insurance?

For working-age individuals, a disability refers to a medical condition that reduces your ability to perform your office duties, and the risk is higher than most employees realize. Nearly one-third of employees will miss more than one month of pay due to injury or illness, and unfortunately, over one-quarter of Americans entering the workforce today will become disabled before they retire.

Disability insurance is designed to protect you in the event of an unexpected illness, accident, or death. You may be skeptical about needing disability insurance, especially since 70 percent of Americans live paycheck-to-paycheck. Ask yourself if you could afford to be disabled and without a paycheck for weeks or months, in addition to having to pay medical bills.

According to a recent survey from Bankrate, 57 percent of Americans don’t have enough cash to cover a $500 unexpected expense, nearly 23 percent of Americans have less than $100 saved for a car repair, and 25 percent of Americans have less than $100 in savings for medical expenses. If not prepared, an unforeseen medical expense can bankrupt you.

With disability insurance, you have coverage that provides you with income protection should you lose time on the job due to an injury or illness, which means you will receive a partial replacement of lost income. Some causes of disability are mental disorders, spine and joint disorders, arthritis, back pain, cancer, diabetes, heart attack, etc.  Unfortunately, the risk of disability is greater than most employees realize.

Less than 10 percent of disabling injuries and illnesses are work-related; the other 90 percent are not, so workers’ compensation does not cover them.

Are you protected?

Health insurance provided by your employer guarantees that the doctors, the hospital, and the nurses, get paid. Who assures that you get paid? Paying a small premium now can help protect you financially later. Disability insurance can offer you peace of mind with short- and long-term disability coverage options.

Studies show that working-age adults are more likely to suffer from lengthy disabilities in any given year than they are to die. Unless it is offered through their employer, most adults have little, if any, disability insurance coverage, and when you become disabled and lose time at work, your source of income is eliminated. In addition to lost income, you are most likely experiencing an increase in medical expenses to deal with your disabling injury or illness.

The possibility of becoming disabled is very real for working Americans, and so are the financial consequences and costs associated with it. For more information about protecting yourself and your family against an unexpected disability, contact Sapoznik Insurance, your current insurance broker or human resources department today.

Lowell Richard, a New York native, almost made his debut at the Metropolitan Opera as his mother went into labor while attending. Residing in Florida since 1975 and a graduate of the University of South Florida, he has spent the last 31 years providing quality health, life, and disability insurance products to both his group and individual clients.  Lowell is particularly passionate about disability insurance due to unfortunate accidents and debilitating sicknesses that have affected his immediate family.  Lowell joined Sapoznik Insurance in January of this year and is eager to be working with such an established and diverse organization.

This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice.