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Understanding the Math of Your Health Plan Renewal

Controlling health care costs becomes a bigger issue each year when it comes time to renew your health plan contract. Managing health plans due to increased complexity and regulation can be a challenging experience. It is essential to fully understand the concepts and terminology in your health insurance renewal in order to help you identify inefficiencies and produce savings. This topic will help those professionals responsible for their company's health plan to identify those inefficiencies then design and build successful strategies that can have both short and long term cost savings. This topic will explain the math and formulas health plans use to produce your renewal and identify some of the most common mistakes employers make analyzing the renewal. This information is critical to employers who are looking to drive long term cost sustainability out of their health plans and to solve business challenges in the area of employee benefits.


Runtime: 90 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Current Market Conditions
  • How Are Market Conditions Impacting Health Plan Renewals?
  • Future Trends

2016 Election and Its Impact on the Health Insurance Market

  • Proposed Legislative Reforms That Could Impact Your Health Insurance Program
  • The Future of the Affordable Care Act and How It Could Impact Your Health Plan

Understanding Your Health Insurance Renewal

  • Understanding Key Terms and Concepts in Your Health Insurance Renewal
  • How Your Experience Period, Claims History, Reserves, Administrative Charges, Plan Design and Trends Will Impact Your Health Plan Renewal
  • Why Understanding the Math Behind the Numbers Is so Important

Best Practices

  • How to Drive Cost Efficiencies out of Your Health Plan Renewal Through the Negotiation Process
  • What Steps Should You Be Taking During the Health Plan Renewal Process?
  • What's the Appropriate Timeline to Begin the Health Plan Renewal Process?
  • How to Avoid Common Mistakes When Analyzing Your Health Plan Renewal
  • Actuarial Support - How It Can Benefit You
  • What Role Should Your Broker Be Playing Supporting You During the Health Plan Renewal Process?
  • Understanding the Importance of Benchmarking
  • Case Studies

Prescription Benefit Management Program

  • What Impact Does the Cost of Drugs Have on Your Health Plan Renewal?
  • Understanding the Key Concepts and Definitions of Your Pharmacy Contract
  • Biggest Mistakes Employers Make When Analyzing the Prescription Drug Program
  • How to Make Rebates and Discounts Work for You and Not Your Prescription Benefit Manager (PBM)
  • Case Studies

Alternative Funding Solutions

  • Is Self-Funding the Right Solution for My Firm?
  • Case Study - Going From Fully Insured to Self-Insured
  • Reference Based Pricing - What Is It and How Can It Benefit Your Organization?
  • Private Exchanges

Implementation

  • How to Ensure a Proper Implementation of Renewal Changes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Joseph Snable

Joseph Snable

USI Insurance Sevices LLC

  • Vice president for USI Insurance Services LLC with insurance licenses in health/life and property/casualty and has a Certified Insurance Counselor (CIC) designation
  • More than a decade of experience representing a variety of advisory services to corporations including health and benefit services, risk management services, private client services, private equity transaction services, compensation and human resources
  • Works with companies to create and build enterprise-wide risk management and human capital strategies
  • His programs are designed to allow firms to meet their business goals and improve productivity and efficiency
  • Core values of integrity, professionalism and knowledge have allowed him to build long term successful relationships with his clients
  • An expert on the Affordable Care Act (ACA), he designs effective strategies to meet the many challenges and liabilities the law can present companies
  • Began his insurance and risk management career at ADP where he helped launch their employee benefits practice designing innovative employee benefit solutions for a broad range of clients His expertise is as expansive as it is impressive, working with companies, he helps assess their exposure to risk in all the various forms
  • Seasoned in consulting with clients in the fields of telecommunications, financial services, hospitality, professional services, wholesale-distribution and private equity
  • On the Eastern Monmouth Area Chamber of Commerce Board of Directors and their Educational Foundation Board of Directors; also a member of NAHU (National Association of Health Underwriters), ACG NJ, and SHRM
  • Can be contacted at 732-687-1735 or [email protected]
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Why Lorman?

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Product ID: 399821
Published 2017
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