{"id":50595,"date":"2023-10-26T00:00:23","date_gmt":"2023-10-26T04:00:23","guid":{"rendered":"https:\/\/roundstoneinsurance.com\/?p=50595"},"modified":"2024-07-29T11:52:34","modified_gmt":"2024-07-29T15:52:34","slug":"scared-of-expensive-insurance-renewals-its-time-to-change-to-self-funding","status":"publish","type":"post","link":"https:\/\/roundstoneinsurance.com\/excelsior\/blog\/scared-of-expensive-insurance-renewals-its-time-to-change-to-self-funding\/","title":{"rendered":"Scared of Expensive Insurance Renewals? It\u2019s Time to Change to Self-Funding"},"content":{"rendered":"

You thought last year\u2019s insurance renewal was frightening. This year\u2019s increase promises to be absolute bonkers.\u00a0<\/span><\/p>\n

 <\/p>\n

The Hill<\/span><\/i><\/a> reports<\/span><\/a> prices have spiked 7% in the last year, <\/span>citing the 2023 Employer Health Benefits Survey from Kaiser Family Foundation (KFF)<\/span><\/a>. It now costs employers $24,000 to insure a single family on a traditional, employer-sponsored health plan.\u00a0<\/span>\u00a0<\/span><\/p>\n

 <\/p>\n

Why is health insurance so expensive<\/span><\/a>? The reasons are many, <\/span>including rampant healthcare inflation<\/span><\/a>. Traditional health insurance continues to skyrocket. High prescription costs, hospital system consolidation, and a lack of transparency in data and cost all contribute to the fact that <\/span>healthcare has become exorbitantly expensive<\/span><\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

As if last year\u2019s spike couldn\u2019t get any worse. (Spoiler alert: IT CAN AND IT WILL.)\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

Many companies are wondering how they\u2019ll afford to stay in business without laying someone off.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

At least that\u2019s the case for those who use traditional health insurance benefits. It\u2019s a racket. It sometimes feels like a scheme where traditional insurance companies rake in money hand over fist.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

American households, on the other hand, are left wondering what they\u2019re paying for. They spend more, but get less \u2013 it\u2019s a losing game. The end result is that companies have less to invest in the people critical to their success, and families are forced to make difficult decisions.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

A Different Approach: Self-Funded Group Captive Health Insurance\u00a0<\/span>\u00a0<\/span><\/h2>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

But that\u2019s not what we\u2019ve seen in Roundstone\u2019s self-funded group captive.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

At Roundstone, we take our own medicine \u2013 we self-fund our employees\u2019 benefits on the same model we provide clients. And in the last 8 years, we haven\u2019t increased employee contributions a dime. In fact, if employees take part in our healthcare incentive programs, they actually pay less than they did 8 years ago.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

(<\/span>You can read our case study that proves it<\/span><\/a>.)<\/span><\/p>\n

 <\/p>\n

\"no<\/a><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

When renewal time comes around, nobody panics. The price will stay fairly stable and may even go down \u2013 even in the face of rampant healthcare inflation.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

That\u2019s because Roundstone follows a different model that doesn\u2019t incentivize greed. We don\u2019t make our money off raising prices \u2013 we earn our bread and butter through the consistent commitment of companies we help save money on healthcare.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

With everything we do, we start by asking ourselves, \u201cWhat would the employer want? What\u2019s in their best interests?\u201d\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

We make decisions based on the outcome of the employer \u2013 decisions that both save money and improve the quality of care. <\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

That\u2019s our alignment philosophy \u2013 we don\u2019t chase dollars. We chase better outcomes for employers and their families.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

Sadly, there\u2019s not a lot of alignment in the healthcare industry. When it comes to many of the providers, hospitals, physicians, drug companies, and traditional insurance companies, everybody\u2019s chasing their own cash prize at the expense of families. <\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>\u00a0<\/span><\/p>\n

But at Roundstone, we take a different approach. We believe the money will take care of itself if we stay focused on delivering quality, affordable healthcare to employers and their employees. It\u2019s just that simple.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n