aequum LLC, serving more than 400 self-insured health plans and their participants, urges strategic planning during open enrollment in response to anticipated increases in the cost of coverage for 2024.

“We’re experiencing a period of rapid cost inflation,” says Christine Cooper, CEO, aequum. “Renewals may see significant increases in coverage costs, leading to higher contributions from both employers and employees. Plan sponsors can lower costs, achieve savings and maximize value by employing the most cost-effective resources and data-driven insights to support the ‘health and wealth’ of participants.”

Many Americans spend less than an hour evaluating their health plans during open enrollment. The experiences vary depending on whether the enrollment process is active or passive. Oftentimes, a passive enrollment process will be completed in a few minutes after minimal evaluation. By actively participating, enrollees can better understand their options and optimize their benefits package to suit their needs.

“aequum encourages enrollees to take a consumer-driven approach that empowers them with tools and resources to make the most informed, cost-conscious decisions about their healthcare options,” says Jack Towarnicky, ERISA counsel, aequum. “By taking advantage of price transparency through reference-based pricing, coupled with effective participant representation, and by utilizing the advantages offered by health savings accounts, plan sponsors can put economic purchasing power and decision-making in participants’ hands.”

Plan sponsors are benefiting from partnerships that provide them with insights through data-driven solutions. Real-time price information of the true cost of healthcare services enables sponsors and members to make the most advantageous cost-benefit decisions regarding enrollment options.

“This type of support is now readily available to the self-insured community, which is growing rapidly among US companies of all sizes,” says Cooper. “By leveling the playing field, aequum helps manage costs and gain savings to sustain affordable health coverage as a benefit.”

About aequum LLC

aequum LLC serves third-party administrators, medical cost management companies, stop-loss carriers, employer-sponsored health plans and brokers nationwide to protect plan participants, improve employee satisfaction with their health care plans, and generate plan and participant cost savings. aequum LLC helps patients defend medical balance bills and brings savings to employer-sponsored health plans by providing administrative and other services to its partners. In addition, its sister organization, Koehler Fitzgerald LLC, provides legal advocacy to plan participants. Visit aequumhealth.com.

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