Share the Savings by Incentivizing Health Plan Participants
Share savings with employees to incentivize smart healthcare choices! Our clients who have long-term success incentivize their employees and their family members to spend their healthcare dollars with very specific providers.
The concept is simple. If the health plan (health insurance) pays a lower amount than normal for a specific service or from a specific facility or provider, then the person getting treatment will have a lower copay, lower deductible, or lower cost share of some variety.
And some of our clients see such value in this process, they lower the cost of care to $0 for the patient if they seek out care from such a vendor.
Simple right?
If there is a financial benefit to the company based upon the employee’s action, that employee should also reap the rewards. So, how does a company implement these kind of incentives?
Practical Steps to Create Incentivized Healthcare
If your health insurance is built on a platform where the employer sees a direct correlation to claims and overall health insurance spend, then this is a much easier conversation. These include Self-Insured, Level-Funded, Partially Self-Insured plan or a Health Reimbursement Arrangement or Medical Expense Reimbursement Plan combined with a high deductible plan.
However, if your company currently sponsors a fully-insured health plan that only sees the impact of higher expenses at next-year’s renewal, there is still consideration to reward good behavior today for a lower cost tomorrow. Sharing savings with employees for smart choices will still likely yield the company overall savings. But, you may want to put some parameters on which service items you incentivize.
Ask us how you can start share savings with employees for smart healthcare choices today. We’d love to help you roll out a plan and enjoy the savings!
