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Greg McCrimmon and I wish you and your family a wonderful Thanksgiving holiday.
Greg McCrimmon and I wish you and your family a wonderful Thanksgiving holiday.
Liked by Chris Smith
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⏰ As we close out the year, Greg McCrimmon and I would love to help you and your family **know** you're protected. Work benefits are an amazing…
⏰ As we close out the year, Greg McCrimmon and I would love to help you and your family **know** you're protected. Work benefits are an amazing…
Liked by Chris Smith
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Thank you American Amicable Group for an incredible leadership meeting and Baylor University football game! Joe Dunlap Josh Pedelty Tina Holcomb…
Thank you American Amicable Group for an incredible leadership meeting and Baylor University football game! Joe Dunlap Josh Pedelty Tina Holcomb…
Liked by Chris Smith
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We had quite the privilege over the weekend to travel to the home office of one of our carriers- American Amicable. We got to meet the executive…
We had quite the privilege over the weekend to travel to the home office of one of our carriers- American Amicable. We got to meet the executive…
Liked by Chris Smith
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🌟 Life insurance isn’t only for protecting family—it can also support causes you love. Naming a charity as your beneficiary allows you to leave a…
🌟 Life insurance isn’t only for protecting family—it can also support causes you love. Naming a charity as your beneficiary allows you to leave a…
Liked by Chris Smith
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I love that I've been able to help this many families in the last two years! ❤️
I love that I've been able to help this many families in the last two years! ❤️
Liked by Chris Smith
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“Remember your Name.” That’s how I opened and my recent 10-minute talk, a simple yet powerful reminder that identity is more than just what people…
“Remember your Name.” That’s how I opened and my recent 10-minute talk, a simple yet powerful reminder that identity is more than just what people…
Liked by Chris Smith
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Take a minute and reflect on this: it's a holiday and you don't HAVE to be with your colleagues, but you choose to be because you love what you do…
Take a minute and reflect on this: it's a holiday and you don't HAVE to be with your colleagues, but you choose to be because you love what you do…
Liked by Chris Smith
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Marty Valor is truly a person of valor. What an opportunity! So glad we were among the ears & hearts taking in your message!
Marty Valor is truly a person of valor. What an opportunity! So glad we were among the ears & hearts taking in your message!
Liked by Chris Smith
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CJ Jordan
I’m going to say the quiet part out loud: If your PBM (or your broker) are only talking to you about the rebates you’re getting back, it might be time to start asking more questions. Are rebates good? It depends on what’s driving them. If rebates are incentivizing the usage of higher costing medications —- you are always going to be a dog chasing its tail — all while your average cost PEPM continues to soar, even net rebate. Many PBMs can play the shell game and make the numbers look however they want. They’ll tell you, “Look at these great rebates you’re getting back!” When, in reality, they need to be working for the lowest net cost. This will never yield the highest rebate. Look at the graphic. Would you rather get a $4K rebate on Humira with a full price tag of $2300 or no rebate on pay $635 for Yusimry, which is a biosimilar? Rebates should offset cost that was unavoidable. Not cost you more that you should have spent to begin with.
13 Comments -
Danish Yusuf
Brokers are expected to be insurance advisors. Our job is to ensure customers understand the coverages and any specifics about the policy as it relates to their operations. When it comes to small business insurance, the same broker is likely to work on a contractors package, a small consultant, a retailer, a landscaper with a truck, a small mix-used property etc. All of these risks require a different set of questions to be asked, have different coverages and limit requirements and are on different wordings. In addition, if the broker is licensed across multiple provinces, that adds on a whole additional layer of complexity. Can one broker really master the nuances of all these risks and keep up with every carrier’s fine print? Or are we being stretched so thin in small business insurance that “advisor” is just a fancy title for “processor”? Do you think there still is a role of a generalist in insurance? Or do people need to specialize in order to be true advisors? #insurance #brokers #advice
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Darren Wethers, MD, CPE
As CMO of a Medicare Advantage plan, I would often receive a half dozen or so emails daily from vendors pitching their solutions (to problems we might or might not have been experiencing). Most of the email authors understood if the plan wasn't interested in their solution; a few of them would be invited to present a synopsis of their offering, fewer still would be engaged beyond that stage. What is a vendor to do? Some key recommendations for success in completing the pitch-to-implementation arc are included in this article by Barry Volin, CEO of MCRA.
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Tom Schweisthal
Here are 5 great strategies to maintain great employee benefits while combating rising healthcare costs: 1. Implement an Individual Coverage Health Reimbursement Arrangement (ICHRA) ICHRAs offer a flexible and cost-effective alternative to traditional group health insurance plans. By adopting an ICHRA, Indiana employers can: - Provide employees with greater choice in selecting individual health plans that best suit their needs - Set fixed reimbursement rates, allowing for better budget predictability and cost control - Offer competitive benefits to attract and retain talent in Indiana's job market - Ensure compliance with state and federal healthcare mandates 2. Optimize Plan Design and Incentivize High-Value Care to reduce costs while maintaining quality coverage: - Remove barriers to preventive care and disease management programs by eliminating deductibles, coinsurance, and copays for these services - Implement strategic plan design changes to incentivize the use of high-value, cost-effective treatments and providers - Consider shifting to plans with higher deductibles paired with Health Savings Accounts (HSAs) to encourage employee engagement in healthcare decisions 3. Enhance Employee Education and Engagement Empowering employees to make informed healthcare decisions can lead to significant cost savings: - Host regular seminars to educate employees about their health plans, cost-saving strategies, and how to maximize their benefits - Provide tools and resources for employees to compare healthcare costs and quality across providers - Implement a comprehensive wellness program to promote healthier lifestyles and reduce long-term healthcare costs 4. Leverage Technology and Alternative Care Models Embrace innovative solutions to improve access to care and reduce costs: - Promote telehealth services as a convenient and cost-effective alternative to in-person visits for appropriate medical issues - Implement healthcare assistance programs, such as nurse hotlines or chronic disease management services, to provide employees with additional support and potentially reduce long-term healthcare expenses 5. Data-Driven Decision Making Utilize analytics to inform benefit strategies: - Partner with carriers and benefits providers to obtain detailed data on program effectiveness and cost drivers - Use this data to identify high-impact, cost-effective programs and adjust benefit offerings accordingly By implementing these strategies, mid-market employers in Indiana can maintain comprehensive employee benefits while effectively managing rising healthcare costs. This approach balances the need for attractive benefits packages with the imperative of cost containment, ensuring both employee satisfaction and financial sustainability.
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