Compare Cost Control Strategies Essay

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Compare Cost Control Strategies
Employer-Sponsored Health Plans- When a company provides employer-sponsored health plans, in which the employers buy from insurance companies, the employer’s human resource department selects which products to offer the employees after negotiating with health plans. A basic plan is provided to the employee with the option to purchase additional health care items, also known as riders, at the employee’s expense. Some of the riders offered are, but not limited to, vision, dental, and massage therapy. An employee is able to sign up for benefits as well as customize their policy to better fit their needs during a specified period also known as an open enrollment period.
Self-Funded Health Plans- Many large companies opt to create a self-funded health plan in order to save money. By creating these plans, the company the payment of premiums to insurance carriers or managed care organizations. Companies with self-funded health plans establish their own plans and benefit levels in which they offer to their employees. These companies have the ability to set up their own provider networks or lease a managed care organization’s networks. Often times, companies with self-funded health plans will hire a third-party claims administrator (TPA) to handle premium collections as well as other important tasks. Portability is the right that an employee has to keep or maintain health insurance when switching employment.

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