In the complex world of healthcare, affordability and quality often appear to be at odds. Employers face the constant challenge of providing their hourly and part-time workforce with valuable health plan options without breaking the bank. Enter Fundamental Care, a game-changer in the realm of healthcare solutions. In this article, we'll delve deep into how Fundamental Care, in partnership with insurance brokers, is revolutionizing the healthcare landscape by offering Affordability-Based Medical Plans that cater to the diverse needs of employers and employees.
Bridging the Healthcare Gap
Understanding the Challenge
Providing comprehensive healthcare options to employees has been an ongoing struggle for employers, especially those with a significant hourly and part-time workforce. The burden of finding cost-effective yet high-quality health plans has often left both employers and employees grappling with limited choices and soaring costs. This is where Fundamental Care steps in, offering innovative solutions that bridge the healthcare affordability gap.
Level-Funded Plans: Affordable Healthcare Solution
Fundamental Care's level-funded plans are a testament to their commitment to affordable healthcare. These plans are designed to cost 30-40% less than High Deductible Health Plans (HDHPs) and, crucially, come without the burden of deductibles. This affordability is a game-changer for employers striving to provide their employees with comprehensive health coverage while managing their budgets effectively.
Fundamental Care's unique offerings encompass a range of benefits that set us apart:
The cornerstone of Fundamental Care's approach is its level-funded plans. These plans provide a sustainable way for employers to offer healthcare coverage to their employees without the financial strain typically associated with HDHPs and traditional health plans. Level funded with stop-loss insurance for excess claim risk protection and refund potential based on utilization.
Bid farewell to deductibles with Fundamental Care's NO Deductible plans. This means employees can access healthcare without worrying about meeting a deductible threshold.
Fundamental Care's guaranteed issue policies ensure that employees can access coverage without facing the barriers of medical underwriting, regardless of their health status.
Benefits Without Dollar Amount Limits
With Fundamental Care, there are no dollar amount limits on benefits. This means employees can receive the care they need without being constrained by arbitrary limits.
High Potential Coverage (Not Fixed-Indemnity)
Unlike fixed-indemnity plans, Fundamental Care's offerings provide high-potential coverage, ensuring that employees receive comprehensive healthcare solutions that align with their needs.
Near Comprehensive Coverage
Fundamental Care's plans cover the entire spectrum of healthcare needs, including preventative, outpatient, and inpatient care. This near comprehensive approach ensures that employees have access to a wide range of medical services.
ACA Qualified MEC & MVP Plans
Fundamental Care's plans are ACA qualified, providing employers with the peace of mind that their healthcare offerings meet regulatory requirements.
Core and Carve-Out Plans
For both small and large employers, Fundamental Care offers core plans tailored to small businesses and carve-out plans designed for larger organizations. These options ensure that healthcare solutions are scalable and customizable to meet specific employer needs.
The Paradigm Shift: Employee-Centric Approach
Beyond Decision Makers: Prioritizing Employees
One of the critical shifts in the healthcare landscape is the move from focusing solely on decision-makers to prioritizing employees' needs. Too often, those who make decisions about healthcare offerings fail to fully grasp what their employees truly want and need in health plan options. Understanding the real needs of the workforce as a whole can result in reduced healthcare costs for the entire organization.
Stewardship of Clients' Needs
Forward-thinking benefits brokers have a unique opportunity to become stewards of their clients' needs. By gaining a deeper understanding of their clients' employees' needs, brokers can design plan options that align with the genuine healthcare requirements of the entire workforce.
Learning for More Customers
A crucial realization in this paradigm shift is that employees are not a monolithic group with rigid healthcare preferences. Their wants and needs vary based on demographics, primarily revolving around three main areas of plan selection: choice, cost, and brand.
Fundamental Care acknowledges that available benefits play a pivotal role in plan selection. Not all benefit offerings are created equal, and employees are keenly aware of this. From those seeking comprehensive platinum plans to those looking for basic coverage, a range of choices is essential.
Flexibility is another key aspect of choice. Employees vary in their tolerance for plan restrictions, and offering flexibility can cater to a broader audience.
The cost is a significant factor in healthcare decisions. The richness of benefits and cost-sharing arrangements are crucial considerations. Employees fall along a spectrum, from those seeking the lowest total cost to those prioritizing the abundance of coverage. Most employees find themselves in the middle, carefully balancing their healthcare needs with their budget constraints.
Contributions, in the form of paycheck deductions, are a critical component. Employees differ in their willingness to pay for the plan they want, making it essential to provide options that align with various budget preferences.
While some employees may be influenced by well-known brand names, the majority prioritize affordability and usability over brand recognition. However, there are exceptions, and some may prefer specific brands but remain open to alternatives if their needs are met.
Tailoring Solutions to Employee Priorities
Successful brokers, agents, and TPAs must recognize the dynamics at play and understand what clients' employees value most. What are they unwilling to sacrifice, and what trade-offs are they willing to make? Matching options to employees' top priorities enhances the effectiveness of recommendations, ultimately benefiting both employees and employers.
To gain a deeper understanding of employees' healthcare preferences, consider the impact of generational differences. For instance, Gen X and Baby Boomers often exhibit more traditional perspectives on healthcare plans and benefits. Millennials and Gen Z, on the other hand, are increasingly cost-conscious, making affordability a top priority.
Beyond Generations: Socioeconomic Factors
Apart from generational differences, other factors such as socioeconomic status, household income, and location play a pivotal role in healthcare decisions. These factors can significantly influence employees' expectations and requirements, necessitating a flexible approach to benefit plan design and taking into account affordability.
The Imperative of Adaptation
Understanding and anticipating these dynamics is invaluable. At any given time, approximately 10% of a client's business is in flux. Brokers, agents, and TPAs who adapt to this changing and diverse landscape will outperform those who do not.
The Fundamental Approach: Empowering Employees with Choices
Fundamental Care's approach goes beyond simply comprehending an employee-centric approach to building benefit plans for healthcare coverage. It's about recognizing that this approach is not a take-it-or-leave-it proposition, nor is it as disruptive as some may fear.
Great brokers, agents, and TPAs work with Fundamental Care and position themselves as industry experts with the data modeling and decision support necessary to navigate the evolving terrain. This leads to plan options that employees genuinely want, can afford, and will use.
The Value of Choice
The message that employers and decision-makers need to hear is clear: Employees value choices. Some employees want a broad selection of benefits and are willing to pay for it, while others prioritize affordability over flexibility. By offering a range of options, employers can ensure that their employees appreciate the value of their health plan benefits.
Fundamental Care® Programs: Tailored Solutions for Diverse Markets
Fundamental Care® programs by Coterie Advisory Group are Affordability-Based Medical Plans designed to meet the unique needs of various niche markets, including:
- Small businesses and their employees
- Part-time, hourly, and seasonal employees at enterprise-level companies
- Independent contractors
- Gig-economy workers
- Association members
Fundamental Care is designed to serve the underserved by providing access to unique and affordable health insurance benefits on a guaranteed issue basis. These programs include Limited-Day and Limited-Benefit Indemnity plans that can be customized and structured with affordable premiums and no deductibles. Additionally, Coterie Advisors offer Minimum Essential Coverage (MEC) and bronze-level Minimum Value Plan (MVP) options for clients needing solutions for their full-time equivalent employees. The combined offering of Fundamental Care plans is unique in the marketplace, providing both needed healthcare for insured employees and offering companies a strategy to enhance recruiting and reduce turnover by rewarding carve-out classes or more-tenured employees.
Exploring Affordability-Based Medical Insurance Options
Fundamental Care offers two Affordability-Based Medical insurance options that can assist both small and large employers:
Level-Funded, Limited-Day Health Plan
Designed for small to midsize employers and carve-out classes of large employers, this plan is a cost-effective alternative to traditional health plans. With costs that are 30-40% lower than HDHPs and no deductibles, it strikes the perfect balance between affordability and comprehensive coverage.
Tailored for large employers with part-time, hourly, and seasonal employees, as well as associations and affinity groups, this plan provides an affordable option for the uninsured. It offers coverage for basic medical expenses, ensuring that even those without traditional health insurance have access to essential healthcare services. These plans are available with or without Minimum Essential Coverage (MEC) and Minimum Value Plans (MVP) and can be customized to meet specific needs. They provide high-potential coverage, guaranteed issue policies, and upfront, day-one benefits.
Your Partner in Healthcare Strategies: Coterie Advisory Group
Coterie Advisory Group, Inc. is a national insurance program manager and consultative advisor that delivers Affordability-Based Medical Plan Strategies. We assist benefit brokers, consultants, employers, and associations in the benefits industry, empowering them to provide cost-effective and tailored healthcare solutions to their employees and members.
By incorporating these innovative solutions, brokers can enhance their client offerings, ensuring that their employees have access to choices that align with their needs and budgets. The message is clear: Employees deserve healthcare options that cater to their diverse requirements, and Fundamental Care and Coterie Advisory Group are leading the way in making this a reality.
In conclusion, the landscape of employee-centric healthcare is evolving rapidly, and Fundamental Care is at the forefront of this transformation. By focusing on affordability, choice, and employee empowerment, Fundamental Care and its partners are rewriting the rules of healthcare provision, making quality healthcare accessible to all. Embracing this paradigm shift is not just a wise business decision; it's a commitment to the well-being of employees and the overall success of organizations. The future of healthcare is here, and it's fundamentally different.