What is Workers Medicaid and what are the benefits?
Healthcare costs and benefits are a challenge in industries with large numbers of lower wage employees. Companies need to keep costs down to remain competitive. Employees often can’t afford coverage even when they are enrolled in the company sponsored health insurance plan because the co-pays or deductibles don’t fit their household budget constraints.
Workers Medicaid, free government insurance under Expanded Medicaid, is the solution. BeneStream will screen new hires for eligibility, explain the advantages to those that qualify, and provide concierge enrollment services. We will support employees through initial enrollment and subsequent re-enrollment processes, eliminating the red tape and complexities that discourage employees from enrolling on their own.
Your Company Wins
Enrollment in Medicaid means less people on your plan. And if you are self-insured, you may save even more: Studies show that low-wage workers who enroll in plans often do so because they anticipate or know of a medical condition. This dynamic is known as ‘adverse selection’, a proven driver of higher company healthcare costs. Workers Medicaid mitigates these costs.
Employers also win because a major reason for voluntary separation is better benefits. Providing free insurance reduces turnover. Providing free insurance without co-pays or deductibles increases use, which results in healthier employees and family members which reduces absenteeism.
Even employees who earn too much for Medicaid may qualify for CHIP, the acronym for Medicaid only for dependents under 18. Studies show that absenteeism is not only driven by worker illness but by dependent illness as well. Access to no cost preventive medical care, even if restricted to dependents, will increase availability to get to or stay at a workplace.
Free coverage is the equivalent of a pay raise for those who would otherwise take a company plan. And healthier families result in fewer absences and bigger paychecks. BeneStream has received testimonials from hundreds of enrolled employees describing enrollment in Medicaid as a life changing experience.
How do we identify and enroll qualified employees?
BeneStream will consult with you to determine how you onboard new hires. Where feasible, we will make the pre-screening (with the site in both English and Spanish) easy through our on-line portal we call Workers Medicaid E-screen. The process takes only a few minutes. If you use on-boarding software or participate in WOTC on-line, we can integrate E-screen seamlessly with those products. Or if you are looking for a WOTC provider or onboarding software, we have partners already integrated with E-screen. Medicaid and CHIP eligible employees will complete the enrollment process using the BeneStream concierge call center.
How is Benestream Paid?
We have two pricing models. We have a risk-free performance-based option where you pay only a modest fee for successful enrollments and an even smaller fee for re-enrollments. We also have a fee-for-service option for companies that want predictable costs to budget for.