4 Ways to Control Health Care Costs
Health care costs have continued to increase year after year, and this trend is not expected to change any time soon. This increase in costs has been highlighted by the COVID-19 pandemic, as employers are looking to reduce costs wherever they can. With businesses looking to reduce healthcare costs now more than ever, employers can try some of the following to cut health care costs without comprising employee benefits and wellness.
Examine Plan Usage Data
Have an employee benefits broker help you examine your plan and see where most of the money is being spent. In order to control the costs, it is best to look at where the big claims are. With this information, your broker can work with you for creative healthcare solutions. One solution that has been trending to curb high claim costs is reference-based pricing.
Telemedicine has been on the rise for years and has exploded as a top health care technology throughout the pandemic. Telemedicine solutions can save employees and businesses time and money by virtually connecting patients with doctors. Some of these options even have $0 copay options for employees – ask us how to get started with one of these!
Explore Alternative Health Plan Options
While you may be comfortable with a plan you have been using in the past, health care plans have changed throughout the years and your current plan may not be the best for your current situation. Health care plans should be examined each year. Alternative plan options like self-funded plans and reference-based pricing plans are a couple viable options that businesses are using to help curb costs.
Increase Health Literacy
Studied have shown that greater employee health literacy correlates with lower overall health expenses for both employees and employers. A good understanding of the plans and options available and the importance of preventive care lowers the chances of developing chronic conditions, which are also very costly. On the other hand, lower health literacy can increase health care costs. For example, if employees are visiting the emergency room for a common cold, costs could soar.
These are just a few ways employers can help curb health care spending. If you are looking to save on health insurance – give us a call today!