View the entire newsletter for more articles: 2024 – NJAC County Biz – September
by Chris Calderone, CRO, The Difference Card
Online listing sites have revolutionized real estate sales, offering unmatched convenience and accessibility. By simplifying the real estate sales
Difference Card Health Reimbursement Accounts lower payroll deductions and improve benefits while staying within the New Jersey State Health Benefits Plan.
If you’re in the State Health Benefit Plan for New Jersey, then you’ve felt the pain of exorbitant health care costs increases over the past few years. You’ve paid almost 30% more for the same exact health insurance plan that you had in 2022.
There must be a better way to control healthcare costs. Meet The Difference Card, a game-changing Health Reimbursement Account currently being used by counties and municipalities throughout New Jersey.
So, who’s had success with The Difference Card to help control healthcare costs?
Let’s look into a success story below:
- After The Difference Card received approval in 2023 to offer the HRA within the SHBP, Hunterdon County was one the first New Jersey Counties to implement The Difference Card. They saved $3 million, reduced health insurance premiums by 24 percent, and maintained equal to or better than benefits for members.
How does The Difference Card work?
The Difference Card provides better benefits at a better price. The program offers lower payroll deductions, improved benefits, and a credit card to pay providers so copays and deductibles do not come out of pocket.
Members receive a Mastercard in the mail that they can swipe wherever Mastercard is accepted and is tied to the employer’s account. The card can be used for copays at doctor’s offices, pharmacies, and hospitals.
Not just a card, members can search for providers and compare quality of care, shop for cheaper prescriptions and make better healthcare decisions. Reimbursements are issued quickly back to members, typically in under two business days.
What health insurance carrier works with The Difference Card?
Members in the SHBP still utilize Horizon or Aetna as their health insurance carrier. When the member is asked for a higher out of pocket cost, they can swipe their Difference Card Mastercard, funded by their employer, to bridge the gap.
Employers see savings by purchasing a plan with Horizon or Aetna with higher out of pocket costs, but a lower premium price point. This results in a premium savings on their monthly health insurance bill. The municipality or county then utilizes The Difference Card to cover the cost of any increased copays or deductibles.
The employer is then able to pass savings along to employees in terms of lower premiums or even salary increases, in some cases. The employee will then pay less for their health insurance with Chapter 78 contributions (24% less from the Direct 10 for example) so essentially, it’s a win-win for all parties.
To see if The Difference Card could work for your County request an RFP here.
CONTACT:
Chris Calderone, CRO
ccalderone@differencecard.com
Ashley Dube, Senior Director of East Markets
adube@differencecard.com
Meghan Presutti, Senior Consultant, NJ
mpresutti@differencecard.com
MEDIA CONTACT:
Taylor Britt, Senior Director of Marketing
tbritt@differencecard.com