Top 5 Tips to Stem the Rising Cost of Healthcare

With employer-sponsored healthcare costs expected to rise 7.6% in 2022, employee benefits are a significant investment for any size company.1

Thomas Financial is dedicated to helping employers save time and money, while enhancing the benefits experience for their employees.

Does your benefits advisor provide you with a comprehensive set of cost-controlling options?

Top 5 Pro Tips

1. Explore alternative funding models such as level-funding and self-funding

Level-funding and self-funding with stop-loss protection can significantly reduce costs compared with fully-insured plans. These savings carry their own levels of risk. By understanding your risk/savings tolerance, you can find the plan that’s right for your company.

2. Evaluate “captive” risk pooling solutions

Captive insurance companies came into existence because of difficult markets, like the one we’re experiencing now. They offer companies greater flexibility to retain risk and insurance/reinsurance options to manage a hard insurance market.

3. Understand your claims data at renewal time

Real-time visibility into your plan performance with noteworthy metrics and easy-to-understand dashboards allows for proactive cost management and gives you the claims data you need to get the best rate during your next renewal.

4. Empower employees to make smarter decisions by providing more data and feedback

When employees have a better understanding about utilization, medical choices, or generics, they make better decisions.

5. Offer a proactive health management platform

The benefits of having a healthier staff may include: lower health-related costs, increased productivity, and fewer sick days. In many cases, there are also annual tax savings for both employer and employee.

Thomas Financial has its own proprietary captive plan which is often 20% or more below the cost of national carriers.

If you would like to learn more about any of these cost savings opportunities or would like a complimentary audit of your current healthcare plan, please call us at (813) 273-9416 or email JS Gagnon direct at