Aug. 15, 2023

This paid piece is sponsored by Sanford Health.

Rising health care costs can have a significant impact on businesses. This challenge is often top of mind for employers looking to keep expenses low while also providing their employees with access to quality health care.

Research consistently indicates that up to 60 percent of small-business owners say they limit their health insurance plan options because of high costs, according to a study by Cigna + Oscar.

For employers looking to save on health insurance expenses, the network they choose can make a difference in the overall cost of their coverage. Here’s a look at how a focused network – also known as a narrow network – may help your business keep costs in check.

Lowering costs

A health insurance network is a group of doctors and providers who agree to provide medical services to members of a health insurance plan, forming a contract. The size of the network you choose impacts what you pay and how much flexibility you have.

Focused networks limit coverage to a select group of physicians, specialists and hospitals, which can help keep health insurance costs lower. By choosing a focused network, you can save an average of 20 percent on premiums or the cost you pay each month to maintain your coverage.

Tip: If the majority of your employees receive care from the same health system, that’s a good indicator that a focused network may not require your employees to make significant changes to whom they see for care.

Same level of care

Although focused networks limit coverage to a select group of providers, members still receive the same quality care. If you have employees who need to see a specialist, they could choose from a list of expert providers with no referral needed.

In addition, broad and narrow networks both have access to value-added services, including free virtual care 24/7, a variety of wellness resources and finesses reimbursements, along with no copays or out-of-pocket expenses for urgent care visits.

Coverage for emergencies

Focused networks provide coverage for out-of-network services during emergencies. This can give your employees peace of mind, knowing that if they are not close to home and need urgent medical attention, the cost of their care will be covered.

Pairing with other coverage

To match you with the right coverage for your needs, Sanford Health Plan offers a variety of plans. For small businesses, we offer two focused network plans that are also HSA-eligible, so they can be used in conjunction with a health savings account. This allows your members to save money on a pre-tax or tax-deductible basis to pay for future medical expenses.

Seamless transition

If you decide to switch health plans and choose a narrow network, our agents are ready to help you and your employees through all aspects of the transition process and connect you and your team with the care you need.

Take the next step and start shopping for coverage by requesting a quote.