The Benefits Playbook is a podcast covering all things employee healthcare, sponsored by Collective Health. Each episode features an in-depth conversation between Sasha Yamaguchi, Commercial Leader at Collective Health, and an expert in the health benefits industry. Find a full list of episodes here.
Our host Sasha Yamaguchi links up with John Meister, Principal and Senior Vice President of Employee Benefits at Newfront, to talk about all things self-funding in this episode of The Benefits Playbook. At Newfront, John takes pride in providing top-tier consulting, creative strategies, and fierce employee advocacy on behalf of his clients. Prior to Newfront, John led client strategy and execution in a wide variety of verticals, including technology, professional services, and healthcare at Woodruff Sawyer.
John has helped many clients transition to self-funded health benefits over the years, and he and Sasha dive deep into the move to self-funding. They also discuss key components of a great member experience and how to build point solutions into benefits programs.
“When I talk with some companies that are unfamiliar with self-funding, they think it’s just this totally apples-to-oranges approach,” says John. “So I explain to them, hey, built into your premiums right now, we can look at what the insurance companies are doing. They have stop-loss built in, they have PBMs, they have layers of admin costs and profit that comprise the premium rate that you’re getting charged. And it’s usually a big light bulb moment for a lot of clients, like, ‘Oh, this isn’t actually that different from what I’m doing now.’”
Here are some insights from their conversation:
- How Newfront is changing the way brokerages leverage technology
- How John talks to his clients about moving to self-funding
- The key components of a great member experience
- The difference that point solutions can make in a benefits program
- Advice from John for those new to the industry