Business Solutions

Introduction | Consumer-Driven Health | HSAs & HRAs | Retiree Health

A new approach to health care may take many forms—health savings accounts, employer-funded reimbursement plans, portable insurance—but in the end, it will be driven by consumers. This shift in perspective from patients to consumers of healthcare is fundamentally changing the role of healthcare plan providers. The primary reason that healthcare costs are growing at such an escalated rate is that Americans don’t have any idea what their healthcare costs actually are. Today 20% of US Gross Domestic Product (Healthcare) is broken and doesn’t work under the same economic model as the rest of our great country's economy. If employees had an incentive to manage the costs of their families healthcare expenses the way they manage the cost of their household expenses such as groceries or utilities, there would be far less costs associated with covering their family’s health. Companies have begun to look closely at ways to incentivize their employees for making better choices with regard to their families medical expenses.

A large number of employers, both Fortune 500 and smaller companies alike, are exploring alternative and innovative plan designs that have successfully lowered premiums costs by as much as 40% while improving the employee’s benefits by eliminating co-pays for doctors office visits and lowering annual out of pocket maximums. The big misconception among business owners is that the only way to save dollars with your employee’s health plan is by reducing the coverage drastically. Not so!