The Benefit Analysis Corporation Blog
Employee benefit services surge in pandemic.
This content is in partnership with the Dayton Business Journal's employee benefits companies list, published June 19 Here
As workers begin to head back into the office, Dayton-area employee benefits companies have seen a boost in demand for their services.
"Although the economy slowed in April and May, the need for employee benefit brokerage services didn't," said Michael Dugan, vice president of sales and licensed benefits broker with Benefits Analysis Corp.
Similar to other health insurance companies, the Troy firm changed its procedures and coverage policies, which created a lot of questions from employers and employees. The biggest challenge the firm faced was navigating Covid-19 testing and treatment, which was covered at 100% by insurance companies. Clients had questions about telemedicine and what exactly was considered as Covid-19 treatments.
With these questions present, Dugan stressed the important of partnering with insurance companies to navigate this uncertain time.
"Many employers in Miami County and the Dayton area have the same type of insurance plan and see the same doctors," he said. "We're able to keep up with these changes and keep employers informed."
Health insurance during pandemic
“Since the COVID-19 pandemic began, a record number of Ohioans have lost their jobs and for a number of them that has resulted in loss of their health insurance. While other Ohioans that were uninsured may now want to sign up for health insurance. Obtaining insurance can be a stressful and confusing experience, but the Ohio Department of Insurance can help. Here are some of the health insurance options and tips on how to secure coverage.”
Dayton-Area Employee Benefits Companies
Ranked by local benefits consultants
Locally Researched by: Elizabeth Kyle, Dayton Business Journal Jun 19, 2020, 6:00am EDT
Data from organizations listed. Information current as of April 2020. Secondary ranking by number of local employees. Tertiary ranking by number of groups administered by local offices. Marsh & McLennan Agency LLC’s data for this year includes its local branches in Dayton and Springfield. Data subject to change due to Covid-19 impacts. For information about the lists contact Elizabeth Kyle (937) 528-4424, ekyle@bizjournals.com.
Employee benefits companies executives talk industry trends
This content is in partnership with the Dayton Business Journal's employee benefits companies list, published June 21, 2019 HERE
A newcomer to this year's list offers a number of new initiatives to best assist clients.
One new service Benefits Analysis Corp. in Troy has implemented is reference-based pricing. The strategy reimburses hospitals based on Medicare reimbursements instead of a traditional PPO. This pricing can save employers up to 50 percent on inpatient hospital claims, totaling to thousands of dollars in direct savings to self-funded companies.
This new service can help meet one of the industry's largest challenges — rising health care costs.
"Healthcare prices are going up faster than any other industry," said Michael Dugan, vice president of sales. "I believe it's the biggest cost crisis in the U.S. and it limits a company's ability to grow."
Dugan noted additional best practices companies can consider: Working with employees that are eligible for other types of insurance coverage such as Medicare; having quarterly employees meet to help explain the benefits of a health savings account; and maximizing pre-tax savings.
Written reviews from clients
“Was recommended by friends. Their description of your service was right on. I felt very comfortable and was professionally informed. A burden has been lifted from my shoulders with your direction. Thank you, Karen”
-Karen from Piqua, Ohio. Health Insurance / Medicare client.
“Service Was pleasant and very helpful. I received my card in plenty of time to use December 1, 2017. I can’t tell you how nice it was to use on the first and pay so little fora. very expensive inhaler. Thank you.”