Declaring Independence from Traditional Benefit Plans
In the July episode of Cup of Joe, we had the pleasure of welcoming a special guest known for his innovative approach to healthcare benefits, Lester Morales. As the CEO and Founder of NextImpact, Lester has been a pioneer in thinking outside the box when it comes to building health plans. We caught up with him in Chicago at the NABIP Convention, where he delivered an inspiring keynote titled “How to Structure Health Plans So That Everyone Wins.” In this episode, we delve into the importance of non-traditional approaches in healthcare benefits.
Understanding the Definition of Insanity
Joe kicks off the conversation by recalling Lester’s keynote, where he emphasized the definition of insanity—doing the same things over and over again but expecting different results. Lester’s approach to healthcare benefits aligns perfectly with this concept. He explains how increasing deductibles and understanding claim patterns can lead to significant savings. Lester advocates for a non-traditional mindset, focusing on the importance of not buying more premium and more insurance, but rather buying less and managing it better. This shift in mindset is crucial for breaking free from the traditional, and often costly, methods of structuring health plans.
The Power of Non-Traditional Benefit Plans
Lester elaborates on the benefits of adopting a non-traditional approach. By increasing deductibles and using the savings to provide better benefits for employees, everyone wins. Employers can offer superior benefits at a lower cost, and employees enjoy better coverage with potentially lower out-of-pocket expenses. The only losers in this scenario are those who benefit from the traditional, more expensive insurance models—something Lester suggests we shouldn’t be too concerned about.
Celebrating Independence in Health Plans
In the spirit of the recent Fourth of July celebrations, Joe draws a parallel between the concept of independence and non-traditional benefit plans. He highlights the power of breaking away from traditional plans and the empowerment that comes with standing on your own. Just as we celebrate our nation’s independence, we can embrace the idea of breaking free from conventional benefit structures. Lester agrees, emphasizing the freedom and independence that comes from moving away from outdated models to achieve better benefits at a lower cost.
Looking Forward: A Call to Action
As the conversation wraps up, Joe encourages listeners to draw a line in the sand and explore non-traditional benefit structures. The goal is to celebrate next year’s Independence Day with newfound freedom from traditional, expensive health benefits.
Thanks for tuning in to this episode of Cup of Joe! Just as we celebrate our nation’s independence, it’s time to declare your freedom from traditional, costly health benefit plans. Embrace innovative approaches and enjoy the benefits of a more efficient and cost-effective healthcare system. Start exploring non-traditional benefit structures today, and look forward to celebrating your newfound independence next year.
