Insured Group Benefits Plans - Paying For A Service You Don’t Use
Imagine you’re reviewing your annual expenses, and you notice a charge for a streaming service. Thinking back, you remember subscribing to watch a particular show but you totally forgot to unsubscribe, so for the past 8 months, you have been paying for something you never use.
We can all get caught paying for something we don’t use. But as soon as we figure it out it’s time to get smart and stop throwing money away.
The same idea applies to group benefits when health and dental are insured. Let’s explain.
It’s common for plan sponsors to pay monthly premiums to provide insured health and dental coverage. However, with an unprecedented year like 2020, more of us stayed home and stayed safe, making fewer health and dental claims.
Even so, organizations were still responsible for continuing to pay their monthly insurance premiums.
Just like paying for a streaming service that you never use, plan sponsors pay for monthly benefits whether or not they are used by plan members.
This is where Blendable comes to play. With our Blended Benefits, plan sponsors have the power to decide how they want their organization's plan to play out.
Blended benefits are a way of giving plan members benefits to cover health and dental expenses while controlling costs. Instead of paying premiums, plan sponsors only pay for expenses their members actually claim.
What Do Blended Benefits Offer?
Value: Instead of paying premiums, every dollar is used to pay claims that members are actually making. Plan sponsors get the most bang for their buck, while plan members still get coverage when they need it.
Cost Control: Plan sponsors have full transparency and control over what their benefits budget covers. Best of all, there are no longer any surprise premium increases upon renewal. Options will only change if the plan sponsors choose to change what is available to their organization.
Flexibility: The plan sponsor can customize a plan that both works for their members and has the organization's best interests in mind. You can blend your benefits any way you like, such as:
- Using dollar or percent covered limits to categories of benefits to limit high-cost items.
- Setting up an HSA to give plan members total flexibility
- Offering insured benefits like Life, Critical Illness, or Disability to protect plan members.
With blended benefits, the possibilities to customize are endless!
Help Us Help You!
Paying for something that you don't use just doesn’t make sense. Blendable puts your organization's best interests first!
Our trusted Advisor Nation, along with the Blendable Growth Team, is here to make your blended benefits planning smooth and seamless. We will take care of the administrative work, so you can focus on what's really important – providing your employees with a flexible and customizable option that works for your organization! Best of all, you’ll have full transparency with your plan so you’re never paying for something you aren’t using. Bye-bye streaming service you only used once.