HCR 230 CheckPoint Comaring Cost Control Strategies

HCR 230 CheckPoint Comaring Cost Control Strategies -...

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Week 1 CheckPoint: Comparing Cost Control Strategies Employer-sponsored plans only implement a limited amount of cost control strategies. First off, employers are only able to offer their employees or staff a limited amount of products or services. In turn, employees are then eligible to purchase options, also known as riders, in order to alter their health plan coverage. This would also be used for things such as vision and/or dental care or complementary healthcare procedures i.e. massage, acupuncture and dietetic counseling. Normally this type of enrollment would only take place once a year and is often referred to as open enrollment. If it does not happen annually, then the employer has the right to change this. For example, it might also take place after a certain amount of time or waiting
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Unformatted text preview: period for new employees. During the time of open enrollment employees are able to choose a certain plan for the following year. This particular plan does not contain any third party administrators; there are a various amount of premiums and deductibles to choose from, however self-funded plans are generally higher risk. In self-funded health plans, in order to save some money, cost control strategies are created. In this setting, open enrollment does not take place and staff is not eligible to purchase riders. However, third parties often handle some parts of managing the insurance. Both types of plans are not eligible for transfer from job to job. In both plans, there are numerous provider networks such as HMO, PPO and POS....
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