EMPLOYEE BENEFITS &
INSURANCE SPECIALISTS/BROKERS
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Did You Know?
JT WORTHY CONSULTANTS
J.T. Worthy helps companies measure the performance of their health plan rigorously and regularly. We help employers develop and document their strategies. We identify success metrics at the outset, creating early opportunities to adjust strategies that aren’t working effectively and optimize the strategies that are. JTW can help articulate a formal health philosophy, enhancing the client’s ability to broadly promote the organization’s commitment to workforce health and wellness.
Many companies are reevaluating their health plan strategies in order to reduce and stabilize increases. Care needs to take place with plan design and pricing. Along with this, employee incentives must be targeted to ensure consumerism (cost transparency), encourage participation and reinforce employee accountability.
Your company has a choice, whether to fund their health plan on a Fully-Insured or Self-Funded basis. Is fully-insured or self-funded best for your organization?
Fully-Insured Plans - Provides “certainty” to an employer. It allows the employer upfront visibility of health plan costs over the course of a year. The insurance carrier eliminates all risk for the employer by providing a guaranteed annual premium. Simply put, all the costs of the health plan are bundled into an annualized guaranteed premium.
Being Fully-Insured makes budgeting predictable, but there are costs for this predictability. Generally an extra amount of premium is built into the plan design to ensure profitability. Do you know the range of profitability? You should!
Self-Insured Plans – Many employers elect to self-fund their employee health plans to take advantage of plan design flexibility, improved cash flow and potential financial savings.
However, there is financial risk and uncertainty with self-funding. Stop-Loss insurance can reduce an employer’s risk substantially and provide certainty to the health plan’s total cost when structured correctly.
Fully-Insured Plans - At J.T. Worthy Consultants, we can help to “unbundle” each cost within your annual premium. At this level, it is easier to evaluate whether pricing is too soft for any particular cost, such as estimated paid claims, administration fees, network fees, managed care fees, profit margins or compensation.
Self-Insured Plans - To ensure adequate protection, it is important for employers to understand how all the nuances of Stop-Loss options and contract terms impact your bottom line.
JTW has over 30 years of experience working with dozens of stop-loss insurance carriers from around the globe. We are uniquely positioned to provide you with detailed models measuring your plan’s risk and performance. We can define your annual maximum out-of-pocket plan cost, similar to fully-insured plans, but without the insurance carrier’s extra profit margins within the premium.
We Save Employers an Average of
Per Employee
on their Health Plan!
$1,750
|- HEALTH PLANS
Funding Health Plans
Providing Solutions
INDIVIDUAL
Life Insurance
Long Term Disability
Estate Planning
Buy/Sell Plans
Executive Bonus
Split Dollar
COLI
Non-Qualified RET
Salary Continuation
