Health insurance rates are still on the rise despite recent legislation making it more accessible to a larger population of people. Staying on top of increasing rates is a major obstacle nonprofit organizations and employers must face. So, what can you do to cut costs while maintaining decent health care services for your employees? Here are a few ways employers can start saving:
Invest in Employee Wellness
Helping your employees develop and maintain a healthy lifestyle now will save your organization money in the future. It’s estimated that 60-75% of healthcare expenses in the U.S. could have been avoided with better lifestyle choices. For example, encouraging employees to quit using tobacco is one way a wellness program can effectively help your employees while also cutting health costs.
Consider a Private Plan Exchanges
You also have the option of a plan-exchange approach. Nonprofits can work with a private health insurance exchange to select a plan that meets their needs. A private exchange collects a limited number of plans from different commercial insurers. While there aren’t as many options in a private exchange, it makes certain commercial plans more accessible to nonprofits.
Opt for Self-Insurance
Instead of purchasing a fully-insured plan from an insurance carrier, you can save money by outsourcing administrative services. These self-insured plans allow employers to have more flexibility when it comes to plan design and savings. Outsourcing services such as claims processing and provider networks will let you select an insurance partner who will work with you to cut costs. Partnering with a trusted organization that shares similar values is a great way for self-insured employers to mitigate risk while navigating the options flexible plan design allows.
Partnering with an organization such as Catholic Benefits Trust will guarantee you access to certain member benefits. At CBT, we offer legal protection of employee benefit funds as well as secure management and analysis of medical data. With years of experience, expertise, and Catholic values, our benefits and services will provide your nonprofit the guidance you need to find a flexible plan that works for you. As a member of CBT, your organization will also join the CBT Board of Directors where all major decisions are made. You won’t find that kind of control anywhere else.
Contact us today to find out if the Catholic Benefits Trust is right for you!