Unemployment statistics released last week are stunning; 2.8% in Wisconsin! In that context, I recently wrote about $0 deductible plans.

Here* are some other cost effective strategies to enhance your health plan.

Earlier this month, we successfully put a group through underwriting for a hybrid ERISA based plan*. The level funded “premiums” came in substantially lower than the in force fully insured (ACA) plan. Moving to a higher deductible* saved another $52,000. That’s a big number for a small business (38 covered lives).

Often, the employer will agree to reimburse the additional deductible exposure through a Section 105 Health Reimbursement Account*. That strategy usually costs about 15% of the savings.

In this case however, the employer pays 100% of the premium* (not the norm), so the halo effect from that generosity more than makes up for the higher deductible.

And, any employees concerned about the higher out of pocket costs, can voluntarily elect a hospital indemnity* or accident plan* for a few bucks per pay period.

Or you can pay for lower deductibles. Know that normally, only about 3 of 10 covered lives incur claims greater than $2,000 per year.

P.S. Know anyone who got married this weekend? I wonder if Harry will remember to add Meghan to his health plan. This Tip from June of 2011 comes to mind.

P.P.S. It’s that time of year again. Bring your employee benefits questions to our booth (410) at The BizExpo May 31^st. Register on line here.