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Defined Contribution Health Plans: Future or Fad?

Defined Contribution Health Plans: Future or Fad?. By Paul E Sullivan, Jr. Presented by Daniel Lewis. Current Health Care. Group health coverage plans Rising Costs Renewal package costs up 8-10% Prescriptions up 20% Horrible Service Denied coverage Legislative Activity Employer Fatigue

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Defined Contribution Health Plans: Future or Fad?

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  1. Defined Contribution Health Plans: Future or Fad? By Paul E Sullivan, Jr. Presented by Daniel Lewis

  2. Current Health Care • Group health coverage plans • Rising Costs • Renewal package costs up 8-10% • Prescriptions up 20% • Horrible Service • Denied coverage • Legislative Activity • Employer Fatigue • Design and implementation timely, costly and frustrating • Technology • More informative and efficient when enrolling

  3. Defined Contribution Plan • Employers set their contribution of health coverage at a certain dollar figure and provide employees with a vehicle to find their own insurance. ( usually a website) • Employers give tax favorable vouchers to employees to buy health insurance. • Employees go to the market place and choose their own health care. • Employees choose quality, cost, and access. • Employees in charge of grievances, cost increases, and appeals.

  4. Issues • How will this affect attraction and retention of employees? • Will it be Less costly to administer than group coverage? • Is the health care information secure on the internet? • How will this affect the relationship with employees since the burden is shifted to them?

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