This episode features an interview with John Meister, Principal and Senior Vice President of Employee Benefits at Newfront. John provides top-tier consulting, creative strategies, and employee advocacy on behalf of his clients nationwide. Prior to Newfront, John spent five years leading Client Strategy and Execution at Woodruff Sawyer and held Employee Benefits roles at One Digital and Burnham Benefits.
In this episode, Sasha sits down with John to discuss transitioning to self-funded solutions, key components of a great member experience, and building point solutions into benefits programs.
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“When I talk with some companies that are unfamiliar with self-funding, really, they think it's just this totally apples and oranges approach. I try to just explain to them, ‘Hey, built into your premiums right now, we can take a look at what the insurance companies are doing for self-funding. They have stop loss built-in. They have their PBMs built-in. And there’s just layers of admin costs and profit built into each of these that then comprises your premium rate that you're getting charged.’ Just by trying to compare it to what they know right now, to then what it would be to self-funding, that also, I think, is usually a big light-bulb moment for a lot of clients. Just to feel like, ‘Oh, this isn't actually that much different than what I'm doing.’ It's just, ‘Hey, we're going to set the rates for what we say you should budget for. It's going to be that set number that you're used to.’ Conversations like that usually are the foundation to then go on.” – John Meister
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Episode Timestamps:
*(01:13): John explains Newfront
*(08:19): How John talks to his clients about moving to self-funded solutions
*(24:14): The key components of a great member experience for clients
*(28:49): John discusses point solutions and the difference it makes in benefits programs
*(31:51): John’s advice to those new to the industry
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