Can Affordable Health Insurance Happen in 2016? BeniComp Has a Solution

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Studies show that by coupling a high deductible health plan with outcome-based deductible incentives, employers will see a jump in employee participation and, thus, a sustainable financial future.

BeniComp Insurance Company

Companies need to identify, realign, and manage their risk in order to truly control the cost of health insurance premiums.

BeniComp Insurance Company, a leading national provider of supplemental group health insurance, has seen a significant spike in their clients' employee participation for their wellness initiatives. BeniComp clients experience nearly 100% participation in their annual biometric health screening by implementing a high-deductible health plan with outcome-based deductible incentives. As a result, BeniComp clients have been able to cut their healthcare spending and offer lower premiums in exchange.

"Companies need to identify, realign, and manage their risk in order to truly control the cost of health insurance premiums," says Doug Short, President and CEO of BeniComp Insurance Company. "When a company invests in the health of their employees they are not only saving dollars, they are investing in their most valuable asset. The results are a win-win for everyone."

By coupling a high deductible health plan with outcome-based incentives, employers will be able to manage rising premium costs while encouraging employees to take ownership of their health. With deductible incentives, employers are able to offer thousands of dollars in incentives without going in the red. For employees, they see significance in one of two ways: either they have low health risks and will enjoy the safety net of a low deductible, or they have high health risks and are motivated to change their health outlook or look for money-saving strategies to manage their healthcare costs.

A recent white paper by Quest Diagnostics took aggregate, de-identified health screening data from 20 employers and approximately 58,000 participants. The analysis showed that "when participation rates are over 50% or more, [we see] 79% more employees at higher risks for health conditions than [we] would at 30%. When participation is at 70% or more, [we see] 167% more employees at higher risks for health conditions than [we] would at 30%." Imagine the results when participation is pushed to 95% or greater.

At a time when companies are seeing double digit increases in their health insurance premiums, companies are looking for a solution. Shifting cost to employees with higher deductibles does not address the long term effect of rising claims; however, pairing outcome-based deductible incentives with a high deductible health plan represses rising premiums and addresses the claims that are contributing to the future costs of the plan. The result is a plan that is sustainable for the future.

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Lindsay Wojnarowski
@BeniComp
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BeniComp Insurance Co.
since: 08/2012
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