Business

Here’s How to Stop the Cost of Health Benefits for Your Company from Increasing Next Year

It’s open enrollment and your employees are noticing that the cost of health benefits is increasing. This can cause frustration and annoyance within your organization, and you could lose valuable employees to other companies. In fact, employees in America are twice as likely to value benefits over salary when they’re looking for a job.

As an employer, you may feel like your hands are tied when it comes to providing health benefits. There are only so many options for carriers and insurance brokers often limit the number of choices you see. Premium costs stay high for you and your employees, and insurance brokers make bigger and bigger commissions.

The good news is, you can keep the cost of health benefits from rising next year. LevelFunded Health uses technology to reduce the cost of health benefits, spur competition and bidding, and put employers in control of their benefit options. Keep reading to see how LevelFunded Health can provide a unique health benefits solution for your company in the coming year.

It’s like Kayak for health insurance benefits.

When Russ Carpel interviewed for a commercial health insurance broker position, he soon realized that something was missing in the industry. When it came to insurance, there was a lack of technology similar to e-commerce platforms that encourage competitive bidding and reduce costs for the consumer.

“Those kinds of sites offer customers a range of options,” Carpel said. “And they can choose what they need at the best price.”

Insurance brokers have no real need to change their practices, though. Because they work on commission, they benefit from higher premium costs. Typically, a broker will provide an employer with a limited range of carriers. The two to three options you see when selecting your insurance plan and benefits is only a small portion of the available market.

“We have tech that allows over 60 insurance carriers to fight for each employer’s business each year,” Carpel said about the innovations LevelFunded is bringing to the healthcare industry. “By employing this competitive bidding process, we can guarantee that employers see the best products at the absolute best price, every single year.”

LevelFunded can save companies millions every year.

After starting LevelFunded, Carpel was surprised to find that his model and technology offered the best results for mid-sized businesses. Companies with 100 to 1,000 employees can save between $100,000 and $2 million in no time. Employers can provide better medical benefits for their employees and create competing proposals that reflect the exact needs of their employees.

“One of my clients is a 500-person auto dealer group,” Carpel said, citing an example of how companies can benefit from this different approach. “Once my client chose and implemented their new insurance program, they saved $2.3 million in the first year alone.”

How can you save on your health benefits cost?

With LevelFunded, mid-sized businesses can combat the rising costs of health insurance and pass those savings on to their employees. Thanks to a unique blend of technology and services, companies can save at least $100,000 instantly with LevelFunded and provide improved benefits to their employees.

  • Access more than 60 insurance carriers and create competing proposals to lower your overall costs.
  • With a level-funded plan, payments are spread out over a 12-month period. You can accurately predict payments and manage your cash flow within your mid-sized business.
  • Only your company’s employee risk pool is evaluated. This can produce lower risks and lower cost plans.
  • A traditional insurance plan keeps all unused claims while a level-funded program refunds unused amounts at the end of the year.
  • You can receive annual reports that show your plan utilization and identify any misuse or abuse.

Start saving on health insurance costs today.

LevelFunded doesn’t just have superior technology for the healthcare industry, they have considerable experience as well. Their goal is to disrupt the industry and make a positive change for health insurance consumers and employers. They recognize that things do not have to be done the same way they’ve always been done.

“I’m not satisfied with the status quo,” Carpel said. “Instead I believe this tech-enabled way is better for employers and better for consumers that have a huge stake in the insurance decisions made by their workplace.”

If you’re ready to stop costs for health benefits rising for you and your employees, LevelFunded is your answer. Find competitive rates and plans that meet the unique needs of your business and employees. Mid-sized businesses can contact LevelFunded today to start saving hundreds of thousands of dollars in health benefit costs almost instantly.