Save 45% On Your Group Health Insurance Costs
Make the switch to our defined contribution strategy allowing you to save up to 45% or more on your group health insurance costs, while offering the same or better benefits!
Rising Premiums Every Year?
Employers pay more every year in group health insurance costs while having to provide fewer benefits. Putting them at risk of losing top talent.
We help employers save up to 45% or more on group health insurance costs while providing employees with the same or better benefits!
Traditional Group Health Plan Challenges:
❌ Rising premium costs and increasing deductibles every year.
❌ Limited choice - one plan does not fit everyone.
❌ Employers are burdened with plan administration.
❌ Minimum participation must be met.
❌ The entire group is at risk of premium increase if one employee becomes ill.
❌ Employees struggle to navigate complex plan details.
❌ Employers at risk of losing top talent.
Our Defined Contribution Advantages:
👍 Average savings of 45% on your current traditional group health plan.
👍 Employees have multiple plan options tailored to their exact needs and preferences.
👍 Up to 90% reduction in administrative tasks.
👍 Employers choose their contribution budget.
👍 Employees receive same or better coverage.
👍 Guidance throughout the benefits selection process for employees.
👍 Attract and retain quality employees.
Our Strategy
Our strategy is aimed at saving employers money, improving benefits and simplifying benefits administration. By adopting this approach, employers can set a fixed budget for benefits, reducing costs and administrative overhead.
BSG Client Result Examples
Frequently Asked Questions
What is a defined contribution plan?
Defined Contribution Strategy, is an approach to employee benefits where employers provide a fixed amount of money, or budget, to employees to purchase their own health insurance coverage. Our strategy allows it to still feel and operate like traditional group health plans.
Instead of offering traditional group health insurance plans with predetermined benefits, employers contribute a set amount towards employees' health insurance expenses, giving employees the flexibility to choose plans that best suit their individual needs. This strategy shifts the responsibility of selecting health insurance coverage from the employer to the employee, empowering them to make personalized choices while controlling costs for the employer and employee.
How can a defined contribution plan benefit my company?
This approach offers several benefits, including great cost savings, greater flexibility for employees, simplified administration, and compliance with regulatory requirements.
What types of services do you offer to help employees transition to individualized health insurance plans?
We offer complementary consulting services including plan analysis, employee education and communication, assistance with plan selection, implementation support, and ongoing guidance. Additionally, complementary telemedicine services are provided by MDLIVE for all family members of the covered employee with $0 co-pay.
Do I, as an employer, have to wait until the end of our current group health insurance contract year to utilize this strategy?
No, a change can be made any time, especially if you're eager to start saving and providing better benefits for your employees.
Will my employees' regular doctors and hospitals be included in their coverage?
Networks vary depending on the plan selected. With our individualized approach, each employee has the freedom to choose their own plan and network, ensuring their preferred doctors are included. Our advisors will assist employees in selecting the right plan to ensure their healthcare needs are met. This personalized flexibility allows you to maintain continuity of care with your trusted healthcare providers.
How long does it typically take to transition from a traditional group health plan to the Defined Contribution strategy?
Once the decision has been made by the employer, the transition can take place in a timely manner.
What kind of support do you offer to employers and employees after the transition is complete?
We offer ongoing support to both employers and employees after the transition is complete. This includes assistance with plan management, compliance monitoring, employee inquiries, and any additional support needed to ensure the continued success of the Defined Contribution strategy.