Self-funded insurers may be negatively affected in a newly drafted bill titled “Protecting Patients from Surprise Medical Bills Act” back in September. Though its goal is to minimize unexpected medical bills and prevent medical bankruptcies, self-funded insurers and covered employees, might not garner any savings from this proposed legislation.
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In this year’s stop loss premium survey by Aegis Risk Medical, data pointed to a rise in catastrophic claims, with various attributes. Along with other shifts and key takeaways, respondents utilizing stop-loss coverage stated they would not consider any other alternate risk management approach.
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The human’s natural instincts for curiosity are not always about being nosy: other considerations, such as financial transparency, help to distinguish what is right and fair within the healthcare industry. Going into an operation with some sort of estimated rate for services and goods keeps patients from being exploited and overcharged. In this case, being nosy can benefit Americans greatly with their health costs.
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If some news outlets are to be believed, Millennials only care about avocado toast and Netflix. But while this generation isn’t well respected by some older Americans, Millennials take health insurance seriously. Considering that they have lived through a period when health insurance has been a hotly contested issue, it shouldn’t be a surprise that Millennials are invested in their coverage.
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Many Americans worry that they or their loved ones will suffer from cancer, stroke, heart disease or dementia. Kidney disease isn’t as high-profile a condition, and the average person probably doesn’t give it much thought. Self-insured employers don’t have that luxury. Chronic kidney disease is common, deadly and hugely expensive to treat.
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What if a simple blood test could predict your future? It’s a very real possibility, thanks to personalized medicine, also called precision medicine. Under this model, each patient’s medical care is completely customized and tailored to his or her DNA makeup. Personalized medicine can’t predict a person’s medical future with 100% accuracy, but it can help doctors identify potential roadblocks in their patients’ futures and develop treatments to target those roadblocks.
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Americans don’t agree on much, but everyone acknowledges that healthcare costs are just too high. Ballooning insurance costs translate to financial strain, which trickles down to employees in the form of budget cuts and staffing changes. That’s why it makes so much sense to include employees in discussions about rising healthcare costs. That might represent a radical change from the status quo in some companies, but it’s a change worth making. Employee engagement looks different in each company, and it’s up to the employer to find the blend of programs and initiatives that’s most beneficial – both for employee health and satisfaction, and for the bottom line.
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For small businesses that have struggled under the Affordable Care Act, a new proposal has been introduced that would expand health insurance options afforded to small employers. The new proposal, known as the Association Health Plans, would help small businesses unable to afford employee health coverage to join together and increase their bargaining power. This proposal is expected to see the addition of self-funded plan options in the coming years, but the effects are currently unclear.
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American Medical Strategies has released its fourth annual list of the five most researched diagnoses in its PredictDx system. Three of the top five spots were held by cancers in 2017.
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At a time when many people feel powerless over their own health care, giving your employees choices about how they manage their own medical costs is a good thing — both for them and for you. With Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and Flexible Spending Accounts (FSAs), self-funded plans are possible for employees to utilize.
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