Rethinking Consumer-Driven Healthcare for Transportation Companies
Aaron Cichy
Driving Workforce Growth Through Tailored Employee Benefits Strategies | Advisor to CFOs & C-Suite Executives | Employee Benefits Advisor
Let's talk about how the usual employee benefit programs might not be helping transportation companies as much as we think.
Around 2003, a new kind of health plan called consumer-driven plans came about. These plans were supposed to make healthcare cheaper and give employees more control.
But now, after all these years, we're seeing some important things.
Healthcare costs keep going up, about 5 to 8 percent every year. And did you know that medical bills are the number one reason people go bankrupt in the U.S.?
Also, studies show around half of your employees aren't getting their yearly check-ups. For women it's about the same. This is worrying.
So, why aren't these plans working like it should? Well, with high deductible health plans, employees have to pay a lot out of their own pockets before the plan kicks in one dollar. That includes most prescriptions.
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Even if the employee has a health savings account (HSA), it's still a big cost upfront. This stops people from going to the doctor when they need to, which can make their health problems worse.
Let me share a personal story. Recently, I had a medical issue. After max'ing out my deductible and coinsurance, I still had to pay $6000. Some people might see having coverage as a good thing, but it's really hard to get excited about your healthcare when you're staring at an unplanned $6,000 expense.
So, what can we do differently?
By thinking differently about healthcare benefits, transportation companies can save money and keep their employees healthier by providing easier access to care.
If you want to chat more, give me a call.