Metro Area Group Insurance Consultants (MAGIC) has been providing a broad spectrum of alternative and self-funded strategies and solutions to small and mid-sized employers since 1991.
Employee Benefit Trusts:
We believe employers can control the cost of their health insurance plan by following three principles. First, they must self-fund. Second, they must aggresively manage claims costs through proactive case management for both medical and prescription situations. Included in this principle is using predictive modeling tools to identify potential chronic medical conditions and begin managing that situation. Also, we only use Pharmacy Benefit Managers (PBMs) that provide completely transparent pricing. No shenanigans with "percent of AWP" or rebates. The employer pays whatever the purchase cost is for the PBM. Also, all rebates go to the employer. We use data analytics to ensure the accuracy of all bills and ensure all billing errors are promptly corrected. We use PPO networks but prefer something more transparent, such as direct contracts with hospitals and doctors that are based on a Medicare Plus or "reference based pricing (RBP)" model. Finally, we believe that long-term cost stability will only occur as members take control of their health. So, we are big proponents of evidence-based wellness programs that are tailored for the individual member. Although they are a step in the right direction, we do not believe in the "one size fits all" approach to wellness. Also, although being able to determine an ROI is important, we believe employers should promote wellness, because it's the right thing to do. Healthy employees impact the bottom-line in so many more ways than just the cost of health insurance.