Today we’ll talk about what our spectrum of funding options can do for you.
We have a cost problem in the world of employee benefits. Businesses have become used to double-digit rate increases year after year, and insurance company stock prices have skyrocketed over the last decade. In spite of this last dilemma, brokers are showing their clients the same old traditional, fully insured options year after year.
We need to have a new conversation. We need to talk about proven solutions that put some of those insurance company profits back in your company’s pocket—a conversation that intelligently addresses cost saving strategies.
"We want to have a new conversation with you and take a well-reasoned, proven path to reduce costs in your benefits program."
At WGB Benefits, we call this the spectrum of benefits funding. This proprietary analysis will look at the entire spectrum of funding options for your company. Strategies that were only available to businesses with over 500 employees are now available to companies with just 25 employees. These strategies are not new, and most of them have been used by large companies for decades:- Gap funding. This program allows you to keep your carrier, network, and benefits the same. Two decades’ worth of data tells us that, on average, we can save you 18% more than traditional, fully insured options.
- Reference-based pricing. This is an alternative to the network model, where every single claim is negotiated. With this strategy, we can reduce hospital claims by 70%.
- International prescription drug programs. With these programs, FDA-approved drugs are sourced from Canada, the U.K., and Australia. They come directly in the manufacturer’s packaging, but the cost is 75% below what you can get here in America.
- Medical captives. With this concept, we combine the cost savings of partial-self funding with the security of a claims pool of other like-minded companies. This gives you control and safety.
These are just a few of the strategies we bring to the table for all of our clients. We believe that if companies keep doing things the same way, they’ll get the same result. We want to have a new conversation with you and take a well-reasoned, proven path to reduce costs in your benefits program. Let’s talk!
If you have questions about the spectrum of benefits funding or there’s anything else we can help you with, don’t hesitate to reach out to us. We look forward to hearing from you.
