We have reached a point where employers, advisors, and many others in the healthcare system need to recognize that this is a problem. We have to say enough is enough.
High costs start with how employers buy health insurance, an expected, mandatory process that, for most, takes place yearly. The renewal process has been created by the insurance companies and has been a forced acceptance that advisors and employers have gone along with, which is the root of what has gotten us into this mess.
We can easily blame hospital facilities for high costs in healthcare, but when we dig a little deeper we can see that insurers agree to pay unwarranted, high prices and continue to raise premiums for their own gain. Using their size or purchasing power to achieve extra profit instead of using that leverage to manage costs, protect health care dollars and produce fair prices.
You can help stop the madness by reconstructing your benefits. Here are some points to consider:
These challenges contribute to the high costs of healthcare today and with continually rising premium rates and some brokers making poor choices for your business, navigating the healthcare system can feel like an uphill battle. But, if you rethink your plan’s design and work with the right people, you can achieve a fair, cost-effective benefit plan.
This can be challenging for some employers because of empty promises from brokers saying they can save money, yet nothing changes. Employers receive the same excuses every year and a strategy to address the issues is never materialized.
Many times short-term rate reductions are offered and seem satisfactory at the time, but those reductions aren’t combined with a long-term strategy to keep the savings. A strategic plan can help you consistently reduce costs, year-after-year, creating positive outcomes without risking employee experience.
You have to have a strategic plan, you can’t just hope for a good renewal rate.
Premiums reaching 24k a year and deductibles over 6k are hitting families too hard. As employers and advisors, we need to address this problem. We need to deliver functional, affordable health care for our people. This can be done with a strategic plan, but you need to start today.
Let’s do this!!
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