Consumers are increasingly responsible for the cost of their healthcare – as evidenced by rising deductibles, growing out-of-pocket costs and accelerating adoption of consumer directed health plans and accounts. However, it is evident that consumers may not fully be prepared to manage these new responsibilities.
The 2016 Alegeus Healthcare Consumerism Index is an annual report that measures the degree of engagement and ‘consumerism’ exhibited during healthcare spending and saving decisions and affirms that there is still much room for improvement for consumers to optimize their financial health.
Rising healthcare costs have led businesses across the country to alter the way health insurance is offered to employees. One popular move has been making the switch to consumer-driven healthcare, which puts more of the responsibility on employees with high-deductible health plans.
Additionally, businesses have also been adding wellness programs. However, if these initiatives are unsuccessful, they're a waste of money. That said, companies might want to consider the following six strategies to help make wellness programs a success:
In the current healthcare climate, costs are on the rise - despite recent slowdowns, which has put many businesses in a tough situation. In response, companies could be seeking strategies to help reduce healthcare costs. The following are some simple moves businesses can make to try and keep associated expenses in check:
One popular option is defined contribution, which allows companies to set aside a specific amount of money for each employee to purchase coverage in a private health exchange. Defined contribution comes with numerous advantages for businesses - one of the biggest being predictable healthcare costs.
Created in 2004 in order to help lower health care costs, health savings accounts have recently gained traction. More employers are moving to consumer driven health care plans, according to industry sources, and offering the tax-advantaged HSAs in conjunction with high-deductible health plans.
Avidia recently announced a new partnership with Alegeus Technologies, driven by their desire to continue to enhance and grow their existing HSA program. By leveraging the Alegeus HSA platform, Avidia is able to deliver a best-in-class HSA solution to market – giving them clear points of differentiation relative to competition, and enabling them to win new customers
Feedback from the market is clear, when it comes to HSA custodians, consumers and employers value choice. HSAs are an individual account that is portable and intended to follow consumers from employer to employer to address their long term healthcare spending and savings needs. Therefore it stands to reason that consumers might have strong opinions about the custodian that manages those funds