Brewing Success in Health Insurance: Cup of Joe Series Kickoff!
New Cup of Joe Series outlines Health Insurance New Years Resolutions
Welcome, viewers, to the beginning of an exciting journey – Cup of Joe, where we embark on a monthly exploration of the intricate and often costly world of employer-sponsored health insurance.
In this debut episode, Joe Donovan, CEO of The Difference Card, invites employers, brokers, and consultants to join him in a quest to ensure that friends don’t let friends overpay for health insurance.
Each month, Cup of Joe promises to dissect a topic, providing valuable insights into the complex realm of employer-sponsored health insurance. Today, we kick off with a timely and relevant theme – New Year’s Resolutions.
A Resolution for Healthcare Excellence
Joe’s ultimate goal is to challenge traditional approaches to healthcare procurement. In this episode, He emphasizes that the ways you’ve purchased healthcare in the past don’t have to dictate your future choices. Drawing parallels to the personal resolutions we set in January, Joe encourages employers and brokers to set goals for their health plans, striving to be better versions of themselves in the coming year.
The key resolution Joe proposes for 2024 is to ensure you are getting the best “bang for your healthcare buck.” He states that renewing health plans as they are often leaves money on the table. To maximize your healthcare premium, he advises both brokers and employers to step out of their comfort zones and explore creative solutions that might not have been considered in the past.
Diversifying Strategies
Understanding the diversity among companies, Joe acknowledges that there’s no one-size-fits-all solution. Whether fully insured or self-funded, he encourages exploring various avenues to optimize health plans. For fully insured groups, this could mean venturing into tax-advantaged options like FSA, HRA, or HSA, and progressing towards MERPs or Gap funding. If already self-funded, the possibilities include reinsuring via a captive, adopting a chronic care management program, exploring direct contracting, multi-tiered network approaches, or diving into reference-based pricing for enhanced savings.
Joe challenges both employers and brokers to pick one or two innovative solutions and “kick the tires” on them in 2024. He emphasizes that embracing change is crucial, as doing the same thing repeatedly won’t yield different results. The goal is to learn something new and bring about positive transformations in healthcare strategies.
No Commercial, Just Success Stories
Fully insured employers with a workforce ranging from 20 to 1,000 employees across the nation have been particularly successful with The Difference Card strategy. If you fit this profile, Joe encourages you to reach out for a customized savings analysis.
As we conclude the first Cup of Joe episode, we challenge you to break free from conventional approaches and explore new and innovative solutions in the healthcare space.
Join Joe next month for another cup of insights and don’t miss the opportunity to redefine your approach to health insurance in 2024!