Strategic Advantage
Benefits Modeling helps companies understand the implications of changes to benefit plan design and the factors that influence plan design effectiveness. Benefits Modeling delivers a powerful way to understand plan provisions and provides business leaders with valuable insight to make informed decisions and meet changing requirements.
Benefits Modeling helps you:
- Evaluate the impact of plan design changes
- Validate a proposed plan design change
- Access quantified predictions for more informed decision-making
- Present concrete support for management choices
The Methodology
Benefits Modeling uses actual data to simulate the repayment of claims under the proposed benefit design changes, compared to the prior year’s plan. The projected savings are allocated across various benefit service categories by showing the reimbursement amount and the allowed per member per month. The model allows for many plan design variables.
Insight into Cost Impact
Employers can model the cost impact of introducing a managed care program, including different benefit levels for utilization in-network, out-of-network, and in areas where a network is not available. Benefits Modeling incorporates: General group benefits information, benefit description, enrollment information, and financial experience.
