Humana Inc. has launched a new health insurance package designed to provide predictable healthcare expenses.
The "No Worry" plans offer healthcare expenses over a three-year period that aim at gradually transitioning passive healthcare users into informed, active healthcare consumers.
"Three-year contracts eliminate the need for benefit selection each year, saving small employers valuable time and energy, said Jerry Ganoni, president of Humana Small Business, HumanaDental and HumanaOn.
Humana guarantees through this package that the annual premium rate increase for medical insurance will not exceed 6 percent for the two subsequent years, the company said.
Employers are also able to qualify for an even lower premium rate cap - 4.5 percent - in the second and third years if they add dental coverage and if 90 percent of their employees complete a Humana Health Assessment. Additionally, by adding dental and/or life insurance to their packages, the dental rates will not exceed 2.9 percent in years two and three and there will be no annual rate increase for basic life insurance.
"The rate-increase cap ensures predictable health-benefits costs, enabling more accurate budgeting and long-term financial planning for small businesses," explained Ganoni.
Businesses with 51-99 employees may select one of several three-year "No Worry" packages. Each package presents a unique combination of predetermined health insurance plans for years one, two and three, Humana said. The program provides information and tools that then lead employees toward increased consumer engagement
"Humana's consumer-driven tools and programs encourage behavior changes that result in wiser healthcare consumers and healthier, more productive employees, and our rate guarantee demonstrates that," Ganoni added.
Employers in 17 states now have access to the "No Worry" plans, including, Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Tennessee, Texas and Wisconsin.