There’s new urgency in finding ways to cut spending at higher education institutions and secondary schools. Compensation and benefits generally comprise at least 60% of a school’s budget; finding ways to reduce employee health insurance costs is an effective strategy for containing costs without sacrificing the quality of your benefits package.
edHEALTH’s group purchasing power can generate significant savings on three key components of your employee healthcare benefit costs:
- Stop-loss coverage
- Administrative fees
- Prescription drug benefits
“If schools want to evaluate the potential savings they will realize by joining edHEALTH on January 1, we encourage them to start the process in June,” said Nancy McConaghy, edHEALTH’s Business Development Executive. “This helps ensure a seamless experience for the school, its faculty, and staff.”
If your school is not on a January 1 plan year, edHEALTH will work with you on a transition process. “edHEALTH understands that no two schools are alike and we work with each school to customize an approach that works for the individual school,” said Tracy Hassett, edHEALTH’s president and CEO. “The school’s HR staff, advisor, and edHEALTH will work together on a short plan year to transition rates, deductibles, coinsurance, and other benefits to January 1.”
There are three steps for evaluating the edHEALTH option for January 1. Joining at another time of year impacts the timing but not the steps:
1) Call Nancy McConaghy 1.866.692.7473 ext. 702 in June
Call Nancy to start the process. If you have questions, would like a presentation, or are looking to speak with other member schools, she can help. She will start with a disruption analysis to identify whether and how employees will be affected and to identify network options with the best fit locally and nationally, if applicable. The disruption analysis turnaround is 10 business days.
2) Let Us Know You’re Ready to Proceed with the Rate Quote Process at the Beginning of July
Once we receive your authorization and census, plan and claims information, we will proceed with a working rate quote. We will also discuss plan design. “There’s flexibility on plan design and we work with each school and their advisor to determine the best match for your population,” said Nancy. “We and our business partners will turn around the working rates with itemized stop-loss, medical, prescription drug, and administrative rate components no later than August 15.”
3) Join edHEALTH by September 15
After you receive the working rates, you and your advisor will have some time to make changes including plan design adjustments. Our actuarial consultant will get you the final rates by September 15. “This deadline is important to allow time for implementation, employee communication, and open enrollment, and provides a seamless experience for the school and its employees,” said Nancy.
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