Taking a look at what a high claimant looks like and solutions to help manage claims.
What is a High Claimant?
A company has 75 employees on their pan. Their average cost is $10,000 per employee per month, totaling $750,000 per year. One of their employee's is diagnosed with cancer and is put on an intense treatment plan. At renewal, the one cancer diagnosis increased the company's premiums by $250,000 to $1 million or $13,300 per employee per year. This is a 33% increase from the previous year.
You can see in the example, it only takes a few members to make up most of your health insurance plan costs. C. B. Wood Financial builds strategies around your highest claimants to not only save your company money in the first year of working with us, but by utilizing the strategies as risk mitigators for future risk of high claimants coming onto the plan.
Solutions for High Claimants
When you control your claims, you control your company's health insurance cost. C. B. Wood Financial has strategies in place to help your manage your claims. A few of these strategies include a Direct Primary Care Model, alternative prescription sourcing, utilizing a pass-through Pharmacy Benefit Manager and direct contracting. You can read more about these strategies in the Part 3 Overview blog post here.
More than ever, your company must take control of their health insurance plan. Improve the financial well-being of your employees and increase your bottom line. We can help your company improve predictability and lower risk with data and action.
Ready to Take the Next Step?
Follow the button below to schedule a consultation with C. B. Wood Financial today or visit our website to learn more: cbwoodfinancial.com.