Creative Thinking

At S&S Benefits Consulting we are always looking for new and different ways to save our clients money.

Is Your Group Self-funded and you want to reduce your claims ?

How would you like to reduce your hospital claims even below what the PPO you are contracted with gets in discounts?  Most group's hospital claims are about 40% of their experience. How about only paying cost plus12% on your group's hospital claims and saving as much as 30% or more on those claims? Want to beat the deals Blue Cross or other carriers and PPOs are offering and be able to prove it? We know how.

Is Your Group Self-funded  with Stop Loss Coverage that has Great Claims experience?

How about joining a captive that will give you a stop loss contract just like you have now, but will also allow your group to share in any profits generated by the captive company. S&S Benefits has access to a captive that will take self-funded groups from 50 employees to 500 employees with a specific stop loss of $25,000 up to about $200,000, depending on the group. You keep your same administrator (TPA) and network, but now you can share in the profits generated by the captive that is fully reinsured by an A rated carrier  here in the United States.

Is Your Group Fully Insured, but you would like to know why your rates keep going up?

Consider a plan with Spaggregate coverage. What is it? It is a way to self -fund your plan using level funding just like fully insured. It is a budgetable plan just like fully insured. It looks and acts like fully insured, but you get the benefit of your good experience. If claims are less than the premium, your company keeps the savings. You not only get to realize the savings, but you can design the plan the way you like it. The benefit is that you do not have to include costly state mandated benefits and you  get your experience data. If you get an increase in rates, you will know why. Beats the heck out of not getting any useful experience data from the Blues! In addition, the insurance company does not get to keep excessive profits if you have a great year for claims. This is available for groups as small as 25 employees up to about 200 employees.

Is Your Group Fully Insured and you want to stay that way but still save money?

Have you every considered a Section 105 MERP  (Medical Expense Reimbursement Plan)? Choose a high deductible health plan from the carrier of your choice and offer better benefits by self-funding a better plan underneath the high deductible. Let's say you have a $250 deductible plan. Buy a $5,000 deductible plan with 100% coinsurance and the insurance carrier will take all the liability for an individual claimant over $5,000.

Example: Current Plan Cost for a $250 dollar deductible plan from an insurance carrier=$650,000 in premium for a 100 employee plan. New $5,000 deductible plan cost =$393,000. Self-funded claims underneath the $5,000 deductible=$129,000. Plan savings= $128,000.

Are your Executives under insured for disability insurance?

Many executives  make well over $100,000 a year, but have disability plans for the company that only insure that first $100,000 in earnings at 60%. Depending on the situation you may be able to purchase a group plan or an executive supplemental plan or an individual plan that insures the executive for amounts of salary and bonus in excess of $100,000.

Contact S&S Benefits Consulting, Inc. for creative ways to save money on your health and welfare insurance programs.