Why a focused insurance network may be right for your business
For employers looking to save on health insurance, the network they choose can make a significant difference in the overall cost of their coverage.
Here’s a look at how a focused network – also known as a narrow network – can be a good option for your business to help keep costs in check.
Lowering CostsA health insurance network is a group of doctors and medical care providers who agree to provide medical services to members of a health insurance plan, forming a contract. The size of network you choose impacts what you pay and how much flexibility you have.
Focused networks limit coverage to a select group of physicians, specialists and hospitals, which in return can help keep health insurance costs lower. By choosing a focused network, you can save an average of 20% on premiums or the cost you pay each month to maintain your coverage.
By asking your employees where they receive care and if they would be open to switching providers to stay in-network, you can begin to gauge if a focused network may be right for your business.
Tip: If the majority of your employees receive care from the same health system, that’s a good indicator that a focused network would not require your employees to make significant changes to who they see for care.
The Same Level of CareAlthough focused networks offer narrower provider choices, they maintain the same quality of care. If you have an employee who needs to see a specialist, they would still have expert providers to choose from, even though the list of options may be shorter. Members would also not need a referral to see a specialist.
In addition, broad and narrow networks both have access to value-added services. At Sanford Health Plan, we provide all members access to virtual care, wellness resources, fitness reimbursements and more.
Coverage for EmergenciesFocused networks do not provide coverage for out-of-network services – unless it’s an emergency. This can give your employees peace of mind knowing that if they are not close to home and need urgent medical attention, the cost of their care will be covered.
Pairing With Other CoverageTo match you with the right coverage for your needs, Sanford Health Plan offers a variety of plans. For small businesses, we offer two focused network plans that are also HSA-eligible so they can be used in conjunction with a health savings account. This allows your members to save money on a pre-tax or tax-deductible basis to pay for future medical expenses. Tip: View the four most popular types of health insurance here. [link]
If you decide to switch health plans and choose a narrow network, we can help your employees transition and connect them with the care they need.