A Company Who Got it Right
October 9, 2008 – 1:52 pm by ScottSchoenvogelThe Wall Street Journal (Matthews) recently reported in its article: The Open Enrollment Season: Beware of Out of Pocket Costs (http://online.wsj.com/article/SB122348910616316019.html):
“Briggs & Stratton Corp., a Milwaukee-based maker of small engines and lawn mowers, has done away with most co-payments in its main plans — a standard preferred-provider organization and a high-deductible option. In the standard PPO, workers pay 20% for all medical services with providers in the plan’s network, including doctor visits. That comes with an in-network, out-of-pocket annual maximum of $5,500 for an individual and $11,000 for a family. “There’s a much better case for shopping around” among medical providers if employees are paying a percentage of the cost of care, rather than a flat co-pay, says R. Craig Reynolds, the corporate director of employee benefits.”
Briggs & Stratton has consumer alignment figured out and so can you. Call Compass for assistance designing the right type of benefits for you and your employees.
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