Employee Benefit News

SEPTEMBER 20, 2023

Hybrid plan designs that reduce out-of-pocket costs will make benefits more accessible and ultimately help level the playing field.

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Benefit Resource Inc.

APRIL 20, 2023

This is a great opportunity to review your expenses and ensure you’re taking advantage of all the ways you can save on healthcare expenses. Additionally, your employer may offer seminars or workshops on topics like eligible expenses, tax savings, and healthcare planning.

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Benefit Resource Inc.

FEBRUARY 21, 2024

Healthy employees are not only happier and more productive but also contribute to lower healthcare costs for both themselves and their employers. HSAs enable employees to save pre-tax dollars for qualified medical expenses, including deductibles, copayments, and other out-of-pocket costs.

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Stratus.HR

JUNE 11, 2021

Considering they have lower premiums and provide the ability to use pre-tax dollars to pay for out-of-pocket costs, what’s not to love? Well, there’s a flipside of HDHPs and HSAs that includes a higher deductible and added out-of-pocket costs. Is a lower deductible worth the higher out-of-pocket costs?

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Benefit Resource Inc.

JANUARY 4, 2023

This is excellent news for employers and HR professionals who want to provide employees with access to affordable healthcare services. The two-year renewal of pre-deductible telehealth coverage will allow employers and their employees better access to healthcare services without having to pay large out-of-pocket costs.

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Benefit Resource Inc.

FEBRUARY 2, 2023

Employees have a better chance of managing out-of-pocket spending when they understand how their out of pocket expenses can be reduced and what type of savings will come along with that. To help you get started, here are 6 tips to help employees manage their out-of-pocket expenses.

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InterWest Insurance Services

JANUARY 5, 2023

With Americans increasingly struggling to pay their health care bills, more employers are shying away from only offering their workers high-deductible health plans (HDHPs) that reduce premiums up front for higher out-of-pocket costs for workers. Instead, they are tackling it in different ways than in the past.

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Best Money Moves

JULY 10, 2018

A lack of healthcare benefits is causing financial toxicity for employees across the country. The truth is many employees need help navigating healthcare benefits to lower out of pocket expenses and avoid , “financial toxicity.”. He says, “To many people, $160 is a lot of money.

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Employer Connection

DECEMBER 5, 2022

They also can see estimated out-of-pocket costs, based on their health benefit plan. The easy-to-use, intuitive tool from Healthcare Bluebook is offered at no additional cost to covered employees via their employer-sponsored plan. Effective Jan. Visit the Trustmark Regulatory Updates blog for more information.

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Benefit Resource Inc.

OCTOBER 17, 2023

Data privacy and healthcare costs are top-of-mind issues for consumers. HealthLock auditors can negotiate on a BRI customer’s behalf to either lower costs or obtain a reimbursement, as well as verify that the maximum amount based on plan benefits is being applied to a consumer’s out-of-pocket costs and/or deductible.

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PeopleKeep

OCTOBER 29, 2021

Employers offering a high deductible health plan (HDHP) have several ways to offset the higher out-of-pocket costs and make the benefit more meaningful for employees. One way is to offer a health savings account (HSA) alongside the HDHP. So how do you know if your HDHP is HSA-qualified?

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InterWest Insurance Services

OCTOBER 20, 2022

The Centers for Medicare and Medicaid Services’ transparency rules were implemented to shine the light on what hospitals charge for their various medical services, the negotiated rates insurers have with health plans and the out-of-pocket costs enrollees can expect to pay for these services.

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Corporate Synergies

MARCH 25, 2019

A benefits advocate who delivers the how and why of plan use when employees are asking for assistance helps the employer control health insurance costs. Elevating employee healthcare literacy can ward off potential issues, but the process should begin at the point when plan participants need help: when they call a benefits advocate for help.

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McDermott Will & Emery Employee Benefits

JANUARY 14, 2022

The post Are Out-of-Pocket Costs on Their Way Out? At-Home COVID-19 Testing and Expanded Preventative Healthcare for Women and Children appeared first on EMPLOYEE BENEFITS BLOG.

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HR Digest

MARCH 24, 2023

In January, the Inflation Reduction Act capped the monthly out-of-pocket insulin costs at $35 for seniors on Medicare. Reducing out-of-pocket cost-sharing for insulin does mean payers and insurers may be covering a greater share of the costs.

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PeopleKeep

NOVEMBER 12, 2021

If you’re looking to supplement your organization’s group health insurance plan to help cover your employees’ out-of-pocket costs, you have two main options: Section 105 plans , such as the group coverage HRAs (GCHRAs), and Section 125 cafeteria plans , such as health savings accounts (HSAs).

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CorpStrat

FEBRUARY 22, 2023

One of the biggest financial challenges people in the US are facing is whether or not they’re able to afford healthcare. Healthcare costs have risen faster than inflation. In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees.

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Fringe Benefit Analysts

AUGUST 15, 2023

Deciding if the cost of dental insurance is worth it requires considering how much you may spend annually on dental services. Is Dental Insurance Worth It? was $128.75 per person. Without dental insurance , you or your employees could be faced with steep dental bills, or you may even avoid getting dental care altogether.

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Best Money Moves

OCTOBER 16, 2019

It’s unfortunate employees are rushing benefits decisions, especially when employers are taking a more active role in driving down healthcare costs. What can employers do to help employees better understand how different health insurance plans affect out-of-pocket costs for healthcare?

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Benefit Resource Inc.

SEPTEMBER 22, 2020

Healthcare is complicated, so how can you get the most out of Open Enrollment 2020? Question 1: What were my healthcare expenses last year? Determine, at a 2,000 foot level, what your expenses were in the healthcare category. Add an extra 10-20% to your estimated costs to account for unexpected expenses.

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AssuredPartners

NOVEMBER 5, 2020

The rule requires group health plans and health insurance issuers in the individual and group markets to not only provide easy-to-understand personalized information on enrollee cost-sharing for healthcare services, but they must also publicly disclose the rates they actually pay healthcare providers for specific services.

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InterWest Insurance Services

NOVEMBER 22, 2023

Take advantage of essential services To keep their disease from worsening or to identify possible health issues that may be developing, it’s vital that plan enrollees take advantage of preventive services that the Affordable Care Act requires be offered with no out-of-pocket costs: Screenings and counseling.

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Best Money Moves

JUNE 1, 2022

According to the Kaiser Family Foundation, 46% of employees reported that they have less than $1,000 in out-of-pocket costs for any unexpected hospital/doctor visit. According to AFLAC, about half of all employees report having anxiety about covering the cost of healthcare beyond what their insurance covers.

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InterWest Insurance Services

MAY 25, 2022

Additionally, virtual care is expected to become an essential and long-lasting feature of employers’ health insurance and employee benefits strategies over the next few years, according to the “2022 Emerging Trends in Healthcare Survey” by Wills Towers Watson. Making changes to their employees’ out-of-pocket costs.

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Business Management Daily

NOVEMBER 15, 2021

While flexible spending accounts are typically associated with medical costs there are a couple of different types of FSAs. Healthcare FSA. The most commonly used FSA is the healthcare FSA. The maximum that an employee may contribute to a healthcare FSA is $2,750. Healthcare FSAs. Pregnancy tests.

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Best Money Moves

MAY 28, 2019

High out-of-pocket costs for healthcare have led to financial toxicity , which happens when Americans skip medications that could improve their quality of life because they can’t afford them. More than 40 percent of Americans don’t see a physician when they are sick or injured because of high healthcare costs.

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Best Money Moves

MAY 22, 2019

Research by the West Health Institute/NORC at the University of Chicago found more than 40 percent of Americans didn’t see a physician when they were sick or injured because of high healthcare costs. Comprehensive healthcare plans that reduce out of pocket costs for employees will be highly attractive to millennial employees.

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Benefit Resource Inc.

JUNE 6, 2019

Price transparency continues to be an issue in healthcare, but recent legislation has been aimed at repairing that. In situations like others and other healthcare decisions, we hope price transparency will continue to be a priority. If you liked this blog, you may also like: Negotiating Your Healthcare Bills.

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Benefit Resource Inc.

JANUARY 3, 2022

Even with health insurance, labor and delivery can cost around $5,000, and without insurance, it can be upwards of $40,000. Fortunately, one great way to help with out-of-pocket costs is utilizing a Health Savings Account (HSA). Did you know having a child qualifies for special enrollment?

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Best Money Moves

DECEMBER 18, 2019

Employers can also remind employees when it’s time to get flu shots, when open enrollment starts, and have someone available to review healthcare benefits and out-of-pocket costs to help them better understand changes each year. .

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Best Money Moves

JULY 8, 2020

Employers who don’t offer health insurance might want to reconsider and employers who do should audit their healthcare offerings to determine the out of pocket costs of deductibles, prescriptions, copays and then work with benefits brokers to provide better coverage. . 4 Paid Time Off.

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Benefit Resource Inc.

OCTOBER 24, 2019

In other words, how to answer the question: “How do I make an informed healthcare decision that I won’t regret later?” Ask yourself “Do I need to worry about out-of-pocket expenses? But for those who don’t live in a daily world of healthcare jargon, what are out of pocket expenses?

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Flimp Communications

NOVEMBER 15, 2019

It’s that time of year again, when many companies roll out new or returning healthcare options to employees. What employees want when determining their healthcare options doesn’t always match what employers think they want. A February 2019 HR Dive article lays out some revealing statistics about employee healthcare illiteracy.

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Total Employee Benefits

OCTOBER 15, 2021

Shifting to a new medical insurer may make significant changes to which providers are considered in-network and may force employees to change medical providers or incur higher out-of-pocket costs to stay with their current doctor. There may also be changes in what services require prior authorizations on different plans.

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HR Professionals Magazine

NOVEMBER 1, 2023

On December 27 th , 2020, the Consolidated Appropriations Act of 2021 (the ‘CAA’) was signed into law, and it includes several provisions designed to increase transparency in healthcare pricing. Actual paid amounts, out of pocket costs, and all the real revenue streams will be included in your medical transaction data.

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Flimp Communications

OCTOBER 15, 2019

Open enrollment season for healthcare is here, and the time for benefits decision-support tools to shine is now. Basically, you don’t want people taking out a policy when they need it and then dropping it once the crisis has passed. I’m old enough that I remember when companies discussed healthcare in your welcome packet.

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Corporate Synergies

FEBRUARY 11, 2019

To plan for newborn healthcare benefits, parents need a baby health insurance playbook. Employees are increasingly responsible for making important decisions about their healthcare and carrying the financial burden. Patient financial responsibility is on the rise—average out-of-pocket costs rose 11% in 2017 alone.

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