22 MAY / JUNE 2018 PSP SHOWCASE Although the conversation has temporarily faded from the headlines, rising health care costs are still very much on the minds of Americans. From plans purchased on the health care exchange market to fully insured plans offered by employers, prices have increased significantly in recent years. From 2012 to 2017, the average annual health insurance premium paid by employers increased by 19 percent, from $11,429 to $18,764, while employee contributions increased by 32 percent, from $4,316 to $5,714.* Compare those sharp increases to a steadily rising inflation rate, and the future looks even bleaker. If the cost of offering health care continues to rise at this rate, it could be detrimental to both small and large employers, as well as their employees, in just a few years’ time. It’s never been more important for employers to make smart, safe decisions for their employees that also support their bottom lines. As a nonprofit entity, the IBA Group Insurance Trust places the utmost priority on such decisions. The IBA Trust is a group insurance program offered as a service to IBA members and their employees. Members have access to everything the Trust has to offer, including state-of-the-art eligibility, enrollment and compliance systems; administrative ease; risk mitigation; a range of fully insured Anthem plan options; and more. Because the Trust operates solely in the interests of its members, it is now partnering with Vital Incite to bring members even more effective, specialized care. Vital Incite Population Health Solutions is focused on helping employees improve their health, while helping employers manage their health care costs. Through a variety of data analysis methods, Vital Incite identifies health risk trends within an employee population and evaluates the effectiveness of health and wellness programs to identify medical spend waste. Data sources, including claims data, program participation, biometric data and health risk assessments, are combined to give a complete picture of the population and to accurately assess the impact of the health benefits program. All data collection and analysis is conducted within a HIPAA-compliant, secure data environment. With these analytics, Vital Incite assists the population in identifying medical spend waste and strategizing on how to redirect those funds into more beneficial services for its members. While the IBA Trust has always been proud to offer the best benefits and additional services at the best possible prices, partnering with Vital Incite provides a new opportunity to lower costs even more, while simultaneously offering more beneficial services to members and helping at-risk individuals who often account for the largest claim amounts. There is no one-size-fits-all solution when it comes to the issue of group health benefits. By partnering with the experts at Vital Incite to craft tailored, targeted solutions, the IBA Trust will continue to efficiently and effectively care for its members. Rising health care costs may be an inevitable reality, but the IBA Trust is dedicated to discovering opportunities to save, passing those savings on to its thousands of members. For more information, contact Stephen James at 317-793-2923 or sjames@ capstonebenefits.com. HB Group Health Benefit Options Affordable, effective health care coverage Article author Stephen James Sales Consultant IBA Group Insurance Trust sjames@capstonebenefits.com IBA Group Insurance Trust is a Preferred Service Provider of the Indiana Bankers Association. IBAGroup INSURANCE TRUST * Source: Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 1999-2017. Bureau of Labor Statistics, Consumer Price Index, U.S. City Average of Annual Inflation (April to April), 1999-2017; Bureau of Labor Statistics, Seasonally Adjusted Data from the Current Employment Statistics Survey, 1999-2017 (April to April).
RkJQdWJsaXNoZXIy MTg3NDExNQ==