What You Don't Know About Your Healthcare Plan is Costing You

As a business owner, you can find yourself trapped between two key principles:

  • The duty of ensuring your employees’ well-being ,
  • The need to safeguard your end result.

The good news is that the two are not mutually exclusive: a top-notch health care package that often maximises your savings is completely feasible. First, start by answering one question:

Do you know that your organisation spent a great deal last year on health care costs?

Even if you don’t know the exact amount you are paying too much, you may already be sure. According to a survey conducted by Enterprise Bank and Trust, 79 per cent of business owners are worried, and with good reason, about health care costs. It’s troublesome to not be sure of how much your health care package costs you. Health care is rife with excessive spending, money that could be used to help rebound from Covid-19 for your company.

The next thing you have to ask yourself is: Do you know the specifics of what you paid for?

This renewal season, in the midst of a public health crisis, unlike other years, it 's important that you thoroughly examine your options before you sign on the dotted line — especially when the status quo works against both you and your employees.

  • Status quo health policies are embedded in the ‘fee-for - service’ model used by most conventional insurance carriers, in which and person examination, procedure and care is paid for by insurers.
  • This method, established over a hundred years ago, was in effect in the twentieth century as most patient concerns were of an acute nature. As a consequence, the nature of the fee-for-service allowed easy access to medical care and paid providers for their services.

Health plans built around this model are concerning for two reasons

The first is that high-cost care frequently does not equal high-quality care, and there’s no clear way for employers or employees to understand what, exactly, they’re paying for. The fee-for-service model is so opaque, most employers have no idea whether they’re being grossly overcharged, nor any clue about what kind of care quality comes with that price tag. Read More From The Source