Take the Guesswork Out of Managing Health Insurance Costs

In today’s economy, providing a health plan for one’semployees is part of doing business, and finding theright plan is critical. In fact, according to the KaiserFamily Foundation’s 2018 Employer Health BenefitsSurvey, 56 percent of small firms and 98 percent oflarge ones offer health benefits to at least a portionof their workers.

Many businesses are discovering a new way tomanage their healthcare — by achieving affordabilitythrough predictability with a balanced funding healthinsurance solution. The option allows a business topay a fixed amount each month.

Blue Cross Blue Shield of Arizona (BCBSAZ recently introduced its own balanced funding solutiondesigned for self-funded businesses with 15 ormore enrolled employees. Here are a few reasons fororganizations to consider this solution:

It’s easier on the organization’s budget.A fixed monthly cost takes the guesswork out ofbudgeting. Businesses may find they qualify fora lower fixed monthly cost than what they arecurrently paying.

Small businesses can save big. A balancedfunding plan could save a small business up to 30percent more than an Affordable Care Act smallgroup plan.

It’s all-inclusive. The monthly payments covereverything — administrative services, stop-lossinsurance and claims liability.

There is potential for refunds. Under BCBSAZ’splan, for instance, if annual claims are lower thanexpected, renewing businesses will receive 100percent of the surplus.

There are no surprises. Even if theorganization’s annual claims end up being more thanwhat it has paid, it won’t owe additional money.—Mike Tilton, general manager of CommercialBusiness at Blue Cross Blue Shield of Arizona