Lockheed Martin has positioned itself to provide you and 311,000 other employees, family members and retirees high-quality, reliable health care at accessible costs. By working together and making smart decisions, we can make an impact on our healthcare costs.
One way Lockheed Martin contains costs is by self-funding the LM HealthWorks Plan instead of subscribing to a fully insured or vendor purchased plan. This means that Lockheed Martin avoids premium taxes, higher claims estimations and administration fees that result in only about 85% of total costs going toward claim payments. At Lockheed Martin, over 90% of health care costs go directly toward member claim payments.
The Aetna network is used to deliver care under the LM HealthWorks Plan, but Aetna functions as an administrator, not an insurer. Similarly, Healthways is the wellness and condition management partner and Express Scripts is the prescription drug administrator. While the administrators are responsible for claim decisions and all benefit claim appeals, Lockheed Martin is financially responsible for claim payments.
The premiums that are taken out of your pay check every week are based on expected costs to deliver health care to you and your dependents as derived from actual historical claims experience.
You can make the most of the plan by:
- Making your health, and the health of your family, a priority. It’s no secret that healthy people make fewer doctor visits. That’s why Lockheed Martin places such an emphasis on its health and wellness programs to encourage employees to take positive steps to improve their health and, when needed, get the right medical care.
- Becoming a better consumer of health care. Consider your options instead of rushing in to non-urgent medical care. Shop around. Price compare. Get started on finding health care providers that make sense for you on Aetna’s website. The Aetna Navigator website includes the member payment estimator, which can help you estimate your out of pocket costs for common medical procedures and treatments, and get a list of providers in your area who perform those procedures. You can also compare hospital and facility rates and hospital quality ratings in your area.
Don’t stop there. You can also price medications on the Express Scripts website.
Being a better consumer isn’t just about clipping coupons or researching the best deal for a car or home appliance. It’s about making smart health care decisions that make sense for your physical and financial well-being.
Bottom line: Health care costs won’t decrease or stabilize without changing employee habits and improving employee health. We are each responsible. It’s a simple prescription: To save money on health care, reduce the health care costs of employees. Reduce health care costs of employees by getting people healthy.