Managing health care costs is more important than ever, and recent policies give employers and their employees new tools to handle rising healthcare expenses.
Policies for Cost Control
The Centers for Medicare and Medicaid Services and the Department of Labor have introduced policies to help control healthcare costs. These include:
-Hospital Transparency Rule: Ensures hospitals are clear about their prices.
-Consolidated Appropriations Act: Provides ways to manage health care spending.
-Transparency in Coverage Rule: Makes health plans more open about costs.
-Task Force on Health Care Monopolies and Collusion: Aims to keep health care markets fair and competitive.
The Impact on Employers and Employees
These policies help employers and employees better understand and control healthcare costs. Recent legal cases have highlighted the importance of managing health care plans effectively, and hospitals have faced penalties for not being transparent about their fees.
Despite these efforts, healthcare costs keep rising. Family coverage is expected to have increased by 8.5% this year. Employers can take action to manage these costs, such as:
-Moving employees to a defined contribution plan
-Managing patient care choices
-Monitoring partners for fair payment and claims performance
Step Away from the Complexity
BeneStream helps employers manage health care costs by enrolling employees into Medicaid or their minor dependents into CHIP. When enrolled, they can waive employer coverage. This can save money, increase take-home pay, and improve employee satisfaction. It minimizes and simplifies expenses, and avoids so much of the overwhelming complexity found in the private insurance world. Here’s how it works:
-Screening: We screen employees earning less than $45K annually to see if they qualify for Medicaid or if their children qualify for CHIP.
-Coaching: We work with employees on an individual level to prepare the documents and information they need for a smooth and successful application.
-Enrollment Assistance: We guide eligible employees through the enrollment process.
Managing health care costs is crucial for employers and employees. BeneStream helps by providing assistance to access affordable health insurance options and guiding employees through each step. This isn’t a solution for every employee, which is why our program does not replace, but rather complements group coverage. But for those who qualify, providing BeneStream’s service is a way to offer comprehensive health benefits, and show commitment to employees, without breaking the bank.
Connect with BeneStream today, to learn how to make a positive impact on your business and employees’ lives. Contact us now to get started.