Legacy insurance companies allege that their fully insured employee health plans shield employers from undue risk. But this illusory “protection” includes excess insurance expense, no cost-control mechanisms, no transparency into claims data, and denials of coverage.
Many employers recognize that self-insured plans offer greater control and savings. However, they often take the path of comfortable inaction or continue to allow the fox to guard the henhouse by self-insuring with a legacy insurance company.
Sticking with “the devil you know“ for self-insurance is a poor strategy that perpetuates high costs and myriad issues inherent in legacy insurance health plans. While these employers may have removed some insurance expense, they are still stuck in the same costly networks and provider reimbursement arrangements that fuel cost escalation.
Vitori Health makes moving to self-insurance safe, easy, and highly rewarding. With Vitori’s effective cost suppression controls, employers can have a modern, more compassionate health plan at lower a cost and with better stop loss rates. Employers as health plan fiduciaries are accountable to their plan members to look at alternatives beyond the outdated insurance companies.
