young business man explaining group health insurance options to business group at a table in an office

New Strategies to Save Money on Group Health Costs in 2019

As group health insurance costs continue to increase, many employers are looking for new, creative ways to save money while still providing their employees with coverage.

Reference Based Pricing

Reference Based Pricing is a rapidly growing strategy that a number of employers are using to save money on group health insurance costs. This technique gives the employee the ability to choose any provider without the limitations and higher costs of a traditional provider network. By choosing to take advantage of this method, employers have the potential to save between 15 and 20 percent on group health insurance costs.

Association Health Plans

According to the U.S. Department of Labor (DOL), Association Health Plans are defined as “group health plans that employer groups and associations offer to provide health coverage for employees.”

In April of this year, the federal government will begin to allow small employer groups to form new associations based on industry and finally receive access to group health insurance plans typically only reserved for larger companies. While many association health plans already exist, the new legislation eliminates the geographic barriers previously in place.

According to the Congressional Budget Office, “four million Americans, including 400,000 who otherwise would lack insurance, will join an AHP by 2023.”

Direct Primary Care

Direct Primary Care (DPC) is an alternative payment model to third-party billing. With DPC, there is a flat monthly membership fee and nothing else. Employees have access to a physician of their choice and the physician remains accountable to only their patients. This option can also exist alongside a comprehensive major medical plan.

Level Funding

For groups of five or more, level-funded plans are becoming increasingly popular. These plans boast a nationwide network of hospitals and physicians and are offered by a number of reputable insurance carriers. Designed to offer more flexibility to employers, level-funded plans are ERISA complaint and partially self-insured with a savings potential of 10 to 15 percent. Many also offer return-of-premium potential.

Learn More

Want to learn more about these strategies? Tune in to our free webinar on March 7th at 1 pm EST. Jason Cleary, a licensed Benefits Counselor with over 18 years of experience, will be sharing information on how to utilize these tactics and save on group health costs in 2019.

Click to register today.

 

Chip Trefry Member Benefits CEO Gator100 2019

Member Benefits Selected to Gator100

JACKSONVILLE, Fla. – Member Benefits was named to the University of Florida’s 2019 Gator100 during a ceremony on Feb. 22 at UF’s J. Wayne Reitz Union Grand Ballroom.

Sponsored by the UF Alumni Association, in partnership with the UF Entrepreneurship & Innovation Center, the Gator100 recognizes the 100 fastest-growing businesses owned or led by UF alumni.  Ernst & Young calculated each company’s compound annual growth rate (CAGR) over the past three years to generate the ranking.

Member Benefits is a family-operated, full-service insurance and financial services organization specializing in Third Party Administration of professional affinity group and association member benefit programs.

Chip Trefry Member Benefits CEO Gator100 2019Member Benefits has been previously featured in the Gator100 two other times since its inception in 2015.

Member Benefits CEO, Earl C. “Chip” Trefry Jr., CLU (72’) and COO, Nicklaus A. Trefry (01’) both graduated from the University of Florida with degrees in Business Administration from the Warrington College of Business.

On news of the selection, Chip Trefry had the following to say: “It is my privilege and honor to be selected to the Gator100 for the third time. There is just something extra special about being acknowledged by your alma mater.”

“The Gator100 honors UF alumni from across the university who are founding and growing amazing companies around the country,” said Kent Fuchs, president of the University of Florida. “It’s an incredible affirmation of the innovative and entrepreneurial spirit of the Gator Nation.”

To qualify for the Gator100, companies must have been in business for five years or more as of Sept. 28, 2018 and have had verifiable annual revenues of $250,000 or more every year since 2015. Additionally, a UF alumnus or alumna must have met one of the following three leadership criteria:

  1. Owned 50 percent or more of the company from Jan. 1, 2015, through Sept. 28, 2018; or
  2. Served as company’s chief executive from Jan. 1, 2015, through Sept. 28, 2018; or
  3. Founded the company and been active as a member of the most senior management team from Jan. 1, 2015, through Sept. 28, 2018.

View the full list of Gator100 honorees at gator100.ufl.edu.

 

About Member Benefits

Member Benefits is a technology-driven insurance brokerage and third-party administrator that focuses on benefit programs and insurance exchanges for member-based organizations. Member Benefits specializes in the design, marketing, and administration of programs for employer groups, associations, affinity groups and franchises. Member Benefits operates in many states with locations in Jacksonville, FL and Austin, TX. For more information, visit www.memberbenefits.com/.

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