Friday, August 15, 2008

Plan Evaluator Allows Employees to Compare and Save

FLANDERS, NEW JERSEY – Absolute Resource Solutions (ARS) recently introduced a new web-based tool that allows employees of mid-market employers to compare out-of-pocket costs across their employer-sponsored health plans to select the plan that is most cost-effective for them. This new tool is not tied to any carrier and does not require the employee’s actual claims data in order to estimate out-of-pocket expenses.

Called the UBA Plan Evaluator, this web-based tool allows employees to enter basic information about their family make-up and general health to see a comparison of likely out-of-pocket costs across available health plans. The tool uses the Milliman database of health care claims data to estimate average yearly claims - tailored to where the employee lives – based on the age, family make-up and health of the employee. With that data, employees can see how much they can expect to spend, on average, in a given year for premiums, deductibles and other out-of-pocket expenses. The tool also takes into account any employer or medical savings account contributions so that employees can see an estimation of the true bottom-line costs for each plan.

“With health care costs rising and plan offerings becoming more complicated, our clients were asking for a tool like the Plan Evaluator,” said Scott Taylor, head of sales and marketing for ARS. “Our clients need this tool to help employees compare the options available to them and make more informed decisions. Particularly with the rise of consumer-driven health plans, which typically have a lower monthly premium but make employees responsible for out-of-pocket costs associated with many common health procedures, it can be difficult to determine which plan is really the lowest-cost option. This tool allows employees to become better consumers.”

Absolute Resource Solutions is a member of United Benefit Advisors (UBA), an association of the nation’s premier independent benefit advisory firms. UBA developed the Plan Evaluator for its members to offer exclusively to their clients.

“Previously, information like this was only available to very large employers, who could access their own claims data and estimate costs for employees,” said Taylor. “With our new Plan Evaluator, we can provide that information to small- and mid-size employers for the first time.”

About Absolute Resource Solutions
Absolute Resource Solutions is an independent advisory firm specializing in HR and benefits for mid-market businesses. With over twenty experienced professionals located in their offices in Flanders and Clark, New Jersey, ARS supports over 100 clients with more than 25,000 employees and operations in over thirty states.

1 comment:

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