Andy NearyI help insurance professionals turn brand awareness into business growth.

SOTSQ Episode 23 _0 25 2018 Edited

24 Oct 2018 · 1 min

Watch on YouTube

1:19

Short YouTube monologue (Andy Neary) advising employers that controlling employee health insurance costs requires managing medical and pharmacy risk — specifically reducing the frequency and severity of claims — analogous to risk management for auto/homeowners insurance. He offers a tip via a call and encourages action for 2019.

Chapters

Think about how you buy your auto and homeowners insurance when you protect your vehicle. Yes, the make and model of the car and where you live is part of the equation, but you know it's just a small piece of the cost. You know that if you want to control the cost of your auto insurance, it's about risk management. Keep a clean driving record. Same holds true for your homeowners insurance. Yes, the value of your house and the belongings in the house and where you live are part of the cost equation, but just a piece. And if you want to control the cost of your homeowners insurance, you've got to manage risk and protect your house against catastrophe and disaster. Now, when you buy health insurance for your employees, yes, administrative costs are part of the equation, but just a small piece. If you want to control the cost of your health insurance, you have to focus on managing risk around your medical and your pharmacy claims. That's all that matters. So as you head into 2019, if you're adamant of about controlling the health insurance cost in your organization, focus on the only thing that matters and that's the size and the frequency of your medical and pharmacy claims. And if you're struggling to figure out how you can control the severity and the frequency of your medical and pharmacy claims, let's set up a call and I'll share one tip with you that can set your organization up for success in 2019. Until next time, bear down, focus on the target and strike out the status quo.