Fully-insured employers may soon face double-digit premium increases… a good reason to explore making the switch to self-funding solutions.
Benefits PRO reports:
“Marketplace insurers are proposing a 10% premium rate hike in 2023 in 13 states and DC. An analysis of early rate filings in these regions shows that companies are seeking higher premium increases, mostly due to rising prices paid to hospitals, doctors and drug companies, as well as increases use of services by enrollees.
“According to Peterson-KFF, the analysis looks at plans participating in the Affordable Care Act (ACA) marketplaces but the main premium drives identified as reasons for the increases are systemic and not specific to ACA markets. [Emphasis added]” So the anticipated premium jump for ACA marketplace plans could equally affect private fully-insured plans, too.
Within a five-year period, self-funding offers a 95% chance of outperforming a fully-insured plan.
Switching to MedBen self-funded solutions gives you the ability to control your medical and pharmacy costs while still maintaining quality care. Our innovative design strategies build your health plan around your goals, not an insurance carrier’s pricey “one size fits all” approach.
Learn all the ways MedBen can save you money by calling 888-627-8683.