In light of COVID-19, employees are becoming increasingly conscious of the costs and need for suitable healthcare coverage. In an effort to meet this rise in knowledgeable consumerism, employers should prepare for an increased level of engagement in the organization’s annual employee benefits Open Enrollment. We recommend thoroughly reviewing all …
Employer Strategies to Reduce 2021 Benefit Costs
Due to COVID-19 and the current state of economic uncertainty, employers may be facing limited budgets. Seeking new ways to structure employee benefit plans could put your organization in a better financial position heading into the new year. To reduce healthcare spending, employers can consider several benefit design strategies opposed …
Strategies to Save on Prescription Drugs
Prescriptions are expensive and it’s easy to become overwhelmed by the high rising costs in today’s market. The United States spends twice as much on prescription drugs as other high-income nations; and the average American spends approximately $1,200 each year on prescriptions drugs. Whether you are covered by insurance through …
Medicare Telehealth Benefits to Extend Past Public Health Emergency
The Trump Administration recently signed an executive order aimed to improve access and convenience of care through telehealth for Medicare recipients, particularly those living in rural areas. In response to the COVID-19 public health emergency (PHE), hospitals curtailed elective medical procedures and limited access to in-person clinical care. To help …
Could the Reference-Based Pricing Model Benefit You?
As healthcare spending escalates, many organizations are looking to design innovative programs that curb costs without sacrificing overall employee care and satisfaction. One cost-shifting strategy gaining popularity amongst employers is the reference-based pricing (RBP) model. How RBP Works RBP works by setting spending limits on certain procedures or services — …
How Your HSA Can Help During the Pandemic
In light of the current COVID-19 pandemic, employees have the opportunity to take advantage of the loosened requirements regarding how they can spend their health savings account (HSA) dollars. Employees can now utilize their HSA dollars to pay for telehealth services, over-the-counter (OTC) medications, feminine hygiene products and more. Many …
How Your Benefit Plans Can Provide Relief in Uncertain Times
During this unprecedented time, employers are looking for ways to provide a sense of relief to their employees. We’ve outlined items employers can share with workers to assist them in light of the COVID-19 crisis. Relief due to Legislation & Carrier Action Updates to new legislation continue to be released …
Telemedicine Continues to Revolutionize the Healthcare Industry
A patient’s ability to better access healthcare and overcome traditional barriers of time and distance comes with the help of innovative technologies. To keep up in a world consumed by tech, the healthcare industry continues to listen to the demands of its consumers with further acceptance and utilization of telemedicine. …
What’s Trending in Employee Benefits for 2020
When an individual is searching for a job or is already currently employed, health benefits remain a high point of interest, a necessity, especially in a strong economy and tight labor market. Recent surveys suggest, 80% of employees would choose additional health benefits over a pay raise. This explains why …
Are You Effectively Using Your HSA?
Everybody uses their health savings account (HSA) a little differently, and that’s OK. In fact, flexibility is one of the many advantages of an HSA. However, there are a few things you should keep in mind to make sure that you’re utilizing your HSA as efficiently as possible. Be Smart …
The Power of Voluntary Benefits
As health care costs continue to rise, so has the value of voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Many employers consider expanding their voluntary benefits to compensate for employees’ increasing health care costs. Employees benefit because …
Wellness Programs: Cost-Effective and Compliant Strategies to Reduce Healthcare Costs and Improve Productivity and Morale
UnitedHealthcare has reported that “62% of participants in wellness programs say their productivity has improved, 56% have had fewer sick days and 30% say they had a disease detected thanks to these programs” – proving that wellness programs do improve employee lifestyles and decrease employer costs. Rebecca Madsen, chief consumer …
Student Loan Repayment Benefit: How It Works
“Move over 401(k) and health insurance plans, there’s a new company benefit tailored to the millennial workforce. The “Student Loan Repayment Benefit” is the name, and it is being offered by employers, who contribute a certain dollar amount per year toward paying off an employee’s student loans. So far, only …
Understanding Your Explanation of Benefits (EOB)
An EOB is a form that insurance companies send to their members to explain what part of a claim was paid by insurance, what part was not paid and why. Frequently, the terminology and language used on an EOB requires advanced understanding of medical procedure naming conventions and insurance contract …
Healthcare Consumers: Reference Based Pricing 101
With healthcare costs continuing to rise, new “insurance programs” are coming to market with the intent of driving better consumer behavior. Some Employers are adopting reference based pricing which puts onus on the employee to do their due diligence before “buying” a service. As price transparency for “shop-able” services are …