Apples to Apples: Comparing Medical Benefit Plans

The Same Apple, Different Name

How many types of apples exist? There are 7,500 varieties of apples throughout the world, with 2,500 grown in the United States. The selection feels overwhelming, so we stick to what we have mostly selected in the past. We select the type we have always selected, because that is what we have always done.

When it comes to medical benefits, the selection of the plan commonly follows this same pattern. Business owners and HR departments select the plan that has always existed, because "that's the way we have always done it here."

So the business keeps doing what has always been done. And health care companies continue to increase the costs.

Looking Past the Surface

At first look, exploring a different option totally appears to be an apples-to-oranges comparison. The apple has a different color, size, or name. But in the end, they are still apples. Possible apple-to-apple comparisons may be your network, high-deductible options within your plan, or the service provided by health brokers.

What You Are Really Paying For

In a traditional fully funded health plan, you are paying for all of these services bundled into one premium: plan design, administration (TPA), network, pharmacy benefits and prescriptions, and stop-loss. At a premium that increases every year.

A closer look and understanding of medical benefit plans reveals powerful insight, and better yet, opportunity. Evaluating information, data, spreadsheets, risk, cost, and savings is always simplest when evaluating apples to apples.

Transparency Is Key

Wise, experienced, or savvy individuals see how the individual pieces work together, not only now but in the future. They are able to think ahead and see opportunity. Transparency of data, history, and expenses are critical to properly evaluate benefit plans.

Call 720-213-0583 to start comparing apples to apples.