Benefit packages are an important part of attracting and retaining top talent – and health insurance is a prime part of a robust benefits program. With healthcare costs on the rise, finding ways to meet employees needs, yet not allow expenses to spiral out of control, is a challenge.
Healthcare costs are on the rise
Employers understand the importance of good employee health benefits, but it’s also their responsibility to keep costs as low as possible. Mitigating costs may prove especially challenging in the wake of Covid-19, however. A recent report by PricewaterhouseCoopers indicates that employer spending on healthcare could increase by up to 10% next year.
The current baseline is already painfully expensive. A 2019 Kaiser Family Foundation study indicates the average annual employer-sponsored health insurance plan costs $7,188 for single coverage and $20,576 for family coverage.
Why are healthcare costs so expensive?
It comes down to averages. The costs of caring for those who require extensive medical treatment are ultimately dispersed across insurance plans at large. With an aging population and increasingly expensive new medicines and procedures, cost increases seem inevitable.
How can employers minimize healthcare costs?
It’s hard to predict how an employee’s health will play out. And insurance companies operate off of trend lines. To lower their costs, they need a strong indication your employees’ health trends will be below the curve. A plan to minimize costly doctor visits and prompt patients to be proactive puts insurance companies at ease so and allows both them and the employers they serve to save money.
Technology including Remote Patient Monitoring, Telemedicine and connected care platforms for chronic illnesses are proving to be an effective way to balance improving health while reducing costs. For example, a 2020 study conducted by the nonprofit National Business Group on Health indicates most large employers are adopting telehealth both to manage costs and improve employee health and well-being.
How does AllHealth Choice’s platform work?
We’ve designed MyCharlie, an affordable, HIPAA Compliant, fully integrated solution, that delivers real health value to participants in tandem with a proven record of reducing health care costs. Our five primary solutions include: Remote Patient Monitoring, Telehealth, Advanced Disease Management, Complex Care Management and Lifestyle Management We’re glad to offer a convenient solution that lowers costs. For more information, give us a call today! 855-713-0255