Employers continue to struggle with climbing health insurance premiums, leading many to research alternative funding strategies. One such strategy is a pooled program.
Insurance pooling is when a group of companies join together to secure better rates and coverage plans. By participating in the pool, employers are able to leverage the collective buying power of the larger group to realize more stable rates in the long run.
For over 15 years, LMC Insurance & Risk Management has run successful and stable pooled programs. Our proven and unmatched experienced has allowed us to deliver below-trend renewals to participating employers. The current trend most insurance carriers are using is about 9%; however, LMC’s two pooled programs performed at nearly half of trend:
In its third year, the Employer Coalition brings together Iowa employers in the fully-insured market who want more influence in the decisions impacting their health insurance programs. With 24 employers (and growing), the Employer Coalition’s first year and second year renewals were below trend at 6% and 4.2%, respectively.
For over 15 years, LMC has been a ServiShare partner with the Iowa Hospital Association. The IHA Trust program, for Iowa hospitals and members of ServiShare, contains plan design features unique to health care providers. We have had great success with this program and have consistently delivered below-trend renewals to members.
Predictability, Partnership, and Collaboration
LMC’s insurance pools are for employers who are looking for ways to collaborate with insurers to address cost trends, as well as help employees and families better understand and use their benefits, while also improving health outcomes.
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