Managing & Maximizing Healthcare Solutions Well
Healthcare isn’t getting any cheaper or easier and it’s probably an issue at the forefront of many of your employee’s minds. Pair your employee’s concerns with rising premiums, and it’s safe to say your whole organization is invested in choosing the right option when it comes to health insurance. So, how do you give your employees awesome healthcare benefits that don’t break the bank for your organization? Here are three things you can do to help:
Educate.
Take the time to understand at least the basic terminology around health care plans and pass that knowledge on to your employees. Here are a few quick vocab words you all need to know:
Copay - the amount of money your employee has to pay just to receive certain services.
Deductible - the amount your employee is responsible for paying before insurance contributes
Coinsurance - the percentage of bills employees have to pay even after meeting their deductible
Max Out of Pocket - the most money your employee will have to pay in a year; the insurance company covers everything after this amount has been met
Ensure your employees actually understand their plan and what expenses they are responsible for so they aren’t surprised when bills arrive. You would be shocked to find out how many employees don’t even know how much their deductible is. This is also a great time to reiterate how much your organization cares for them and wants to provide the best benefits possible.
Make sure employees know their rights when it comes to the bills. They can shop around to find the cheapest services, negotiate hospital bills, and dispute unfair charges. Even if you are choosing and paying for their health insurance plan, you can still help them feel empowered and invested in their own healthcare.
Research.
Do you actually know what your employees pay out of pocket? You pay the plan's premium, but employees pay the max out-of-pocket amount. Those two numbers work like a teeter-totter: as one is reduced the other increases. If you offer family plans, do you know what it costs for your employee to add their spouse? Their kids? Compare it to what you pay your people. Make sure you’re not putting expenses on your employees they can’t handle.
Take a look at your demographics. Is your staff young and healthy? Older? Struggling with chronic illness? You can’t ask employees about their health, but you can make observations and use common sense to help you determine what kinds of plans you should be looking at and which are out of the question.
Creativity.
Now that you’ve educated yourself on your current plan and how it affects your people, take a look at the market itself. Research healthshare alternatives, adding a telehealth service to your current plan, switching to a higher deductible plan and banking the premiums saved in HSAs, or offering reimbursements. (Read more about the basics of HSAs and HRAs here!)
One of our favorite options is offering employees the option to pick their own individual plans. This approach allows employees more autonomy over their health insurance and can make your job even easier if you outsource the management of their plans.
(By the way, we love the way Remodel health does just that! If you want to learn more about how they walk side by side with your employees and help you simplify your health insurance process, or just want them to run a free analysis of your current health care system, check out the Remodel health website.)
Want more help simplifying your health insurance? Tiffany Henning and John Staub from Remodel health talk though really insightful information and creative tips to save your organization money while getting your staff better benefits in this webinar!
Authored by the HRMS Team, a group of dedicated church HR experts who draw from extensive ministry experience to keep your organization compliant and healthy. Schedule a call and find out how we can help you simplify your organization’s HR here.