Rethinking Consumer-Driven Healthcare for Transportation Companies

Rethinking Consumer-Driven Healthcare for Transportation Companies

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.

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?

  1. Look into Self-Insurance: Companies can make their own health plans to fit their employees better. This can help them save money and encourage healthy habits. Self-insurance takes the profit motive of an insurance company out of the equation and empowers the employer to build a plan that meets their needs
  2. Check Out Other Tax-qualified Accounts: There are other options like Health Reimbursement Accounts (HRAs) that cover medical costs upfront. This can be combined with regular health plans like PPO's etc. (non HDHP) to give employees better coverage without high deductibles.
  3. Explore New Health Plans: Some insurance companies offer plans with no deductibles nor coinsurance. Employees only pay a small fee when they see the doctor, making it easier for them to get care.

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.

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