Could Switching to a Healthy Benefits Program Result in Cheaper Insurance Premiums for your Utility System?

Could Switching to a Healthy Benefits Program Result in Cheaper Insurance Premiums for your Utility System?

The short answer is “Yes.” Lifestyle Health Plans, as sold by Healthy Benefits, are in fact a better way to control your group’s health costs. These unique programs offer options and opportunities for lower premiums and even cash rebates. Yes, cash back.
If you have made it this far, I am sure you’re probably wondering, “What exactly are Lifestyle Health Plans?” For the sake of this blog, Lifestyle Health Plans are incentive based health benefits programs, from A-rated carriers, that rewards its members for participation in preventative healthcare and wellness practices. This unique program was built on the premise that the only way to truly manage skyrocketing health costs, and make healthcare more affordable for all, is to improve the health and wellness of participating members.
By design, Lifestyle Health Plans are meant to empower employers, and their group members, to control their healthcare costs. A few key factors integrated into the program that ultimately equal savings for associations that work with Healthy Benefits include:

  • Avoid the limitations of the ACA and The Healthcare Market: For starters you do not have to use the health exchange (hooray!). You work with your Healthy Benefits Advocates to purchase directly from carriers hand selected for this program, expanding potential insurance carrier options in most states exponentially. Also, groups as small as four qualify for coverage options. Lifestyle Health Plans also does not engage in age banded ratings systems resulting in lower premiums.
  • Composite Banded Rates: Know upfront what your association’s maximum premium cost is, no surprises month to month.
  • Plans are Leveled Funded: Before plan offerings were either fully insured or self insured. Lifestyle Health Plans offer the hybrid alternative of level funded plans, offering the best of both worlds from both models. This setup even provides firm limits on monies your group will spend, and stability for budgeting purposes.
  • Integrated wellness incentives and cash rewards: As mentioned earlier, Lifestyle Health Plans provide the opportunity to lower out-of-pocket expenses by managing health risks and maintaining healthy behaviors. Members are given access to tools to be successful in this endeavor. Through guided programs they can earn cash based incentives, deductible credits, and deductible match credits. These incentives push members into adopting more positive health behaviors, causing a series of positive reactions for employers including less claims filed annually.

As health costs continue to rise to unprecedented height, Lifestyle Health Plans are proving to be a viable alternative for small groups to cut cost without quality.

Click here to receive more information about how your association could potentially save by exploring Lifestyle Health Plans. Oh, by the way, you can switch and start saving at any time, these plan sign-ups are not governed by traditional sign-up timeframes. I know, this just keeps getting better!