The cost of health care has become increasingly expensive, and for some, it can get unmanageable. Employers and employees are both feeling the burden of rising costs of healthcare. More and more companies are looking for feasible ways to offer affordable care for their employees. Some of the best options are to make plan design changes, focus on employee well-being and education, and implement additional offerings.
Strategies to Alleviate Health Care Costs
One of the leading strategies is to make plan design changes. Here’s a brief overview of the various plan designs that may be able to help your organization address the increasing cost of health care.
- Self-insured: A self-insured health plan is one in which the employer assumes the financial risk associated with providing health care benefits to its employees. The employer takes responsibility for medical claims instead of contracting with an insurance carrier to pay those claims.
- Level funded: This plan can assist employers in their health coverage budgeting efforts, and employers pay a set amount each month to a carrier.
- High deductible: For plans that fall under an HDHP, premium payments are considerably lower, and the deductible is considerably higher.
Choosing the cheapest plan isn’t always what works best for companies. Although it might save some money upfront, having a cheap plan with close to no benefits can deter future employees and create a higher employee turnover rate. Making plan design changes is one way to significantly reduce the cost of care without compromising the quality of care for the employees.
Telemedicine can help reduce the costs of care as well as cut down on time. Although it’s 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 is able to reach a hospital, or monitoring a patient at home.
Additional benefits of using telemedicine:
- Patients save money for routine and specialist care because they don’t have to travel, take time off from work, or sit in a waiting room for hours.
- Telemedicine enables patients in rural and urban areas to connect with doctors and specialists who might be hundreds of miles away.
- There is no added stress of transportation or finding child care
- Telemedicine can be particularly convenient for elderly and disabled patients, patients who might not be fluent in English, and patients who have agoraphobia.
- Less likely to catch a new illness. Seeing a doctor from the comfort of your own home ensures you’re not sitting in a waiting room full of sick patients.
- Cuts down on emergency room visits and the added cost that accompanies it.
By offering telemedicine to employees, it gives them the opportunity to seek medical treatment without the added hassle of waiting for an appointment and getting treated immediately. The employee will spend less time out sick and be able to return to work healthy and safe. When people are able to see a doctor as often as needed, they are able to better manage their lifestyle, any chronic conditions, and stay on top of any required medication. Telemedicine is beneficial to both employer and employee, creating a healthy work environment for all.
Health and Wellness
Creating a culture that supports employees’ physical well-being goes beyond offering gym membership discounts and implementing weight loss programs, smoking discontinuing, or walking programs at your organization. The focus should be on giving employees the tools they need to manage costly chronic conditions and to make healthy choices.
Implementing a healthy work environment is key to mitigating the cost of health care. Educating employees on their plan details can ensure they are taking full advantage of their benefits and getting the care they need to stay healthy. All employees should know that most healthcare plans provide free preventative services. This can help catch any serious illnesses or diseases before they become damaging to their health.
Providing a healthy work environment includes mental health awareness. 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 help manage their mental wellness.
Alltrust Can Help Mitigate Your Health Care Costs
As you review your health insurance options for the upcoming year, you’ll find the world of employee benefits can be challenging to understand and navigate. Choosing the right plan to meet the needs of your company and your employees is one of the most significant decisions when it comes to business expenses and management. At Alltrust Insurance, our goal is to help you make the best decisions when it comes to the wellness of your company and employees. Let our team at Alltrust save you the maximum amount of money while providing the best quality care on employee health plans. Contact us today to learn more about ways to mitigate your health care costs.