Because you have fewer than 100 employees, you do not see nor does your broker have access to utilization reports. As a result, each year at renewal time the broker provides a spreadsheet methodology for the plan you are running and similar plans for renewal which may have slightly higher deductibles or co-pays to keep the premium from predictable double-digit increases.
The issue at hand is that your decision is made based on finances and all the emotion associated with rising expenditures, rather than fact. EAG uses licensed agents to collect brief data for purposes of rebuilding the majority of your utilization for the past 5 years. From there, we compare it with the summary plan description provided to determine if, in fact, you are offering the best plan you can for the money you are spending based on how your employees use it. The study is performed within the privacy laws and under HIPPA guidelines, and it requires minimal effort from you and your employees. It also includes a disruption analysis to cross reference providers to insure that no one needs to change doctors or receive less care.
Based on the findings, there is a 70% chance you will receive strategies which will allow you to offer equal to or better coverage for the same or less premium based on how your employees are using the plan. If you need assistance in implementing these changes and allow the strategic partners to do this, then the compensation for the study will be paid for by the carrier. If there are no strategies suggested to help your company then there is no charge for the study, and the value of your current plan is reinforced. Click here to learn what crucial information we uncover for you during The Assessment Process.
Our goal is not to sell you a product, but rather the understanding that we are offering a unique service that will determine which products, if any, will be presented as a possibility for your company. We will combine our marketing efforts with the services of licensed analysts to perform actuarial evaluations. Recommendations will be made based on overall findings of each study. Implementation will boost our client’s bottom line and provide a long-term solution to control rising costs.