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Healthcare appears to be heading toward a breaking point as costs for employers threaten to become unsustainable. According to research by the Kaiser Family Foundation, 9 out of 10 points Executives say that by 2030, it will be impossible to continue offering health insurance to employees.
Rising medical costs are a challenge, but not impossible. Employers today have a choice. To keep costs down, more and more companies of all sizes are self-funding their employees’ health care costs, but at the same time employers who are fully self-funded and employers who are self-funded are increasing. has similarly introduced a high-deductible health plan (HDHP) that requires lower premiums.
However, these approaches have risks. Privately funded employers who are not careful about containing health care costs can find themselves in an expense spiral. On the other hand, higher deductibles can leave employees with greater medical debt.
However, these cost-saving measures do not have to pose significant risks to employers or create medical debt for employees. Affordable and enhanced health insurance can provide substantial support to employees in all workplaces, whether their health insurance is fully insured or self-funded.
These improvements are especially advantageous for self-funded employers, whose expenses are directly related to the health care costs borne by their employees.
The most effective enhancement available to employers is the Healthcare Navigator. Employees of companies that provide health plan navigators can save money in a variety of ways with just a phone call, reducing overall self-funded health care costs for employers and helping covered workers avoid medical debt. It will look like this.
Related: New trends in healthcare that save small businesses money
price comparison
People usually don’t know what their health insurance covers until they need to use it. It can be stressful to find out how much the necessary procedures will cost. And people who need medical care are unlikely to shop around and compare prices.
This is where Healthcare Navigator comes into play. They can make comparisons for the plan participant and often find a care path that costs significantly less than what the insurance plan or primary care provider recommends. In this way, Navigator helps employees avoid certain costs that can have a devastating impact on their personal earnings and the financial health of their self-funded employers.
bill review
By now, many of us know that billing errors are alarmingly common in the healthcare industry. If a patient actually paid a bill for which they were not responsible, the patient is obligated to repay the overpaid amount.
However, the average employee may not be aware that they are overpaying, or may not have the time to investigate whether they were charged in error. Similarly, self-funded employers may not have the internal resources to undertake this type of investigative work. Healthcare navigators know how to quickly spot these types of errors and can help employees (and self-funding employers) receive the reimbursement they are owed.
financial support
Often people I don’t know if I qualify for hospital financial aid.. Employees may assume they are ineligible for such programs based on their income and may not apply, but in reality, financial assistance is available to employees (and self-funding employers). ) could save you thousands of dollars.
Healthcare Navigation guides people through the process of applying through a hospital’s financial aid portal, which can lead to significant direct savings.
Related: How to keep medical bills from eating up your money
time saving
For the average person who is not familiar with the complex language and structure of the health insurance world, trying to understand and deal with medical costs can be very time consuming.
Troublesome health insurance issues that would take plan participants four hours to resolve can be resolved in just one hour with Navigator. Lost time spent solving problems doesn’t just cost employees money. It can also be costly for employers by reducing working hours and tying up human resources.
Not just low price plans
While HDHP employees and self-insured businesses can benefit most from Healthcare Navigator, businesses that offer health insurance to their employees also benefit from this type of policy enhancement. has advantages.
Regardless of how care is funded or what type of plan employees are enrolled in, healthcare can be scary. Employers who provide their workers with allies to ensure they receive the best care at the lowest possible out-of-pocket expense are likely to build goodwill among employees and enhance their reputation as a people-first company.
When you combine all these types of cost savings, from pre-treatment to bill review, you can establish a comprehensive number that describes the total savings realized by using healthcare navigation services. Depending on the size of the company, this can reach millions of dollars.
Understanding the complex and expensive world of healthcare requires dedicated expertise. Healthcare navigation is essential for employers and employees.
Related: 6 Ways Entrepreneurs Can Solve Medical Debt Problems