The best brokers know that “healthcare cost management” isn’t just a buzzword. Effective cost management requires year-round attention.

In this post, we’re going to dig into 3 cost management strategies you can discuss with your broker any time of year:

• Introducing a high deductible plan.
• Testing out reference-based pricing.
• Offering a tool that guides employees to cost-effective care.

1. Introducing a high deductible plan.

High deductible health plans (HDHPs) are an effective way to reduce costs — for you and your employees. The United Benefit Advisors’ 2014 Health Plan Survey found that of all the various plan types, HDHPs were the least expensive form of coverage for employees and their employers.

But we hear from benefit managers all the time that transitioning to an HDHP takes a ton of planning and preparation. One benefits veteran we spoke to at a conference earlier this year said her company is implementing a HDHP transition plan that will take three to five years.

Given the complexities of introducing a HDHP (especially if you have a die-hard PPO population), it’s worth bringing up the possibility with your broker early and often, so you have plenty of time to develop a smooth transition plan.

2. Testing out reference-based pricing.

Reference-based pricing is the hottest strategy on the block for a reason. It offers some enticing cost saving promises… but it doesn't work for every organization.

If reference-based pricing is something your organization is interested in, make sure to reach out to your broker to kick off a scoping conversation. There are a ton of factors that go into creating a reference-based pricing program and communicating it effectively to employees.

If you're interested, check out this guide on 4 steps to implementing a reference-based pricing program that BenefitsPRO put together earlier this year.

3. Offering a tool that guides employees to cost-effective care.

If you’ve ever done a year-end claims analysis with your broker, you know why this is so important.

Even if you put all the best cost management strategies in place, your costs will continue to rise if employees continue getting expensive care.

If you can guide employees to more cost-effective care, you can nip the problem (high claims) in the bud — reducing your costs by turning your employees into smarter, more savvy consumers of healthcare.

If your healthcare claims are through the roof, this is a great topic to bring up with your broker. In fact, Amino works with hundreds of brokerage firms across the country to help companies reduce their costs in this way.

No matter what cost management strategies you ask your broker about, just make sure you ask. In today’s world of rising healthcare costs, these discussions can’t wait for renewal season (and your CFO will be sure to thank you!).