Cancer continues to be the top healthcare cost for many employers and their medical plans, according to the Business Group on Health report. Within the U.S., over $200 billion per year is spent on cancer treatments and care.
The chances of being diagnosed with cancer are high, with 1 in every 2 men and 1 in every 3 women being diagnosed with a form at some point in their life. In addition to the cost of medical care, employees miss around 106 days per year due to the effects of cancer. Employees with a stage III or IV diagnosis miss 2-3 times as many days in their first year of diagnosis.
Benefits of early detection
Through screenings, around half of all cancer cases can be caught in the early stages. When detected early, plan sponsors can save up to 75% of the total cost for that employee when compared to a stage IV detection. Some health plans cover certain screenings as a part of preventive care services.
It’s important for employers to understand what costs, if any, are associated with certain cancer screenings and to make that information known to their employee population. By keeping the employee population well informed and motivated to upkeep their preventive health, employers can prevent the occurrence of some high-cost claimants.
If you have questions regarding what is covered under your medical plan, please contact your dedicated Creative Benefits, Inc. team member.