DATA ANALYSIS AND REPORTING
Spectra Management provides reporting and ongoing data analysis that transforms the volumes of claim, utilization, benefit and demographic data into meaningful and analytical information. As healthcare and specifically insurance costs continue to increase, choosing a partner who can summarize this data into an actionable and concise report creates and environment for better and informed decisions.
- Analyze benefit utilization trends
- Understand and Identify cost drivers
- Benchmark your plan’s performance
- Forecast ongoing claim & budget
- Facilitate informed decision making
- Manage Rx Patent Expiration Strategy
- Create efficiencies in benefit plan design.
- Data creates communication strategy with Purpose.
†Data Analysis and Reporting will vary based on group size and availability of information.
YOU HAVE OPTIONS
Employees are looking for benefits that meet their personal needs. A Health Savings Account (HSA), Health Reimbursement Account (HRA), or Flexible Spending Account (FSA) might be just the benefit to do this. These benefits not only provide your employees some flexibility on how they spend their health care dollars, but they also can help save the company and each individual employee a substantial amount of money.
Health Savings Account (HSA)
An actual bank account in the employee’s name that allows the employee to save and pay for medical expenses tax-free.
Health Reimbursement Account (HRA)
Provides more control for the employer who may set the contribution level, determine services to be covered, and retain control over unused funds.
Flexible Spending Account (FSA)
Allows employees to pay out-of-pocket expenses for copays, deductibles and certain services not covered by the medical plan, tax-free. This is the only option that allows employees to pay for dependent care tax-free.
Multi Year Arrangements & Profit Sharing
Multi-year rate arrangements tie the employer and insurance carrier together for a pre-determined period at a ‘guaranteed rate’, usually with a cap. These can mitigate the ups and downs of trend and unpredictable markets. Profit Sharing arrangements are another way to link as partners for periods longer than the traditional twelve months. These can be useful ways for smaller employers to gain access to utilization and reporting data. Most have a minimum time period for participation but can offer a risk-free way to access information.
A maximum premium based on risk is calculated, with a lesser premium agreed upon and paid by the employer. If performance is better than was funded by the employer, additional money is refunded to the employer. If performance was worse, the employer must ‘settle-up’ with the insurance carrier at the end of the period, with a maximum cap established, limiting the employer’s liability.
Partial Self Funding
Partial Self-Funding can offer creative ways for employers to ‘control their own destiny’ with minimal financial risk. These arrangements can be structured in a variety of ways. The employer pays all claims up to a specified level. Once reached, the insurance company assumes responsibility for all remaining claims.
KNOWLEDGE IS POWER
With employee benefits representing such a major financial commitment, it takes vigilance to remain on the forefront of the information curve. The current legislative environment requires a higher state of awareness to assure compliance with rapidly changing rulings and potential liability. Spectra Management employs multiple communication strategies to engage our clients and keep them informed of relevant news and changes, then works with them to develop a unique and proactive action plan.
Timely Industry Updates
If there is a change in the industry or legislation that affects you and your employees, clients are notified and bulletins are posted immediately to our website.
Newsletters go into greater depth on a variety of topics covering the spectrum of employee benefits, wellness, human resource issues, health care reform and more to give you additional perspectives and resources.
Spectra Insight Forums
Our Spectra Insight Forums are held several times each year in both northern and southern Utah. These well-attended luncheons focus on current issues and feature industry experts and training relevant to our clients’ needs.