How Can Employers Address Rising Healthcare Costs?
It's no secret—health care costs in the United States have risen sharply over the past two decades. As costs continue to climb at a steady rate each year, employers feel the pressure. That's why companies are looking into making plan design changes, focusing on employee well-being and education, and implementing additional benefits offerings.
3 Strategies to Mitigate Health Care Costs
1. Making Plan Design Changes
When it comes to mitigating health care costs, one of the most prominent strategies is to make plan design changes. Here's a brief overview of various plan designs that may help mitigate your rising health care costs.
- Self-Insured Health Plans: The employer assumes the risk and responsibility of medical claims instead of contracting with an insurance carrier to pay those claims
- Level Funded Health Plans: This can assist employers in their health coverage budgeting efforts, and employers pay a set amount each month to a carrier.
- High Deductible Health Plans: For plans that fall under an HDHP, premium payments are considerably lower, and the deductible is considerably higher.
2. Promoting Employee Well-Being
Creating a culture that supports employees' physical well-being goes beyond offering gym discounts and implementing weight loss, smoking cessation, or walking programs at your organization. It's all about giving employees the tools they need to manage costly chronic conditions and make healthy choices. At Alltrust, we recognize that mental health is at the core of wellness, which is why we partnered with eMindful to provide our client's employees with a free tool to manage life's ever-evolving stressors.
3. Using Telemedicine to Reduce Costs
Fueled by technological advances and answering the demand for convenient care, telemedicine delivers many advantages. Although it is not the same as sitting in a doctor's office, a telemedicine visit with a doctor can prove beneficial by warding off further illness or disease, stabilizing a condition until a patient can reach a hospital, or monitoring a patient at home. Here are a few benefits of using telemedicine:
- Patients save money for routine and specialist care because they don't have to travel, take time off work, or sit in a waiting room.
- Telemedicine enables patients in rural and urban areas to connect with specialists who may be hundreds of miles away.
- Telemedicine is particularly convenient for elderly and disabled patients, patients who may not speak English, and patients who have agoraphobia.
Alltrust Insurance Can Help Mitigate Your Costs
The world of employee benefits can be challenging to understand and navigate. With employee benefits being one of the most considerable expenses for many businesses, choosing the best package for your employees is one of the most significant decisions. At Alltrust Insurance, we are dedicated to helping companies make better decisions about their benefits and finances. Let our team at Alltrust save you money on your employee health plans and visit our website to
sign up for a free employee benefits review today.
Author:
Stephen W. Hall, CEBS CPBS, CSFS, CHRP
Market President of Alltrust Insurance
E:
[email protected]
C: 941-713-6187