It is no secret that a large number of American workers are unhappy with cost control provisions built into their health insurance plan. This is not a new problem but it may be aggravated by the ongoing implementation health care reforms of the Affordable Care Act (ACA). Here are six ways that small business employers might help by offering supplemental help without breaking the budget:
1) Accident insurance – a simple low cost coverage that addresses employee fears of high emergency room expenses
2) Deductible supplement or out-of-pocket cost insurance – the most versatile coverage to help with the typical $5,000 to $10,000 annual out-of-pocket expenses of today’s health insurance policies.
3) Critical illness insurance – provides a larger source of cash during period of prolonged serious illness that typically accompanied by a loss of income and increased out-of-pocket expenses.
4) Independent health benefits advice – Most employees have access only to the firms that sell the insurance and employee benefits. Few have independent financial advisers who assist with health insurance issues, As a result, they never realize the full range of options and planning tools available. An on-call independent health benefits adviser can go a long way toward calming employee concerns about the new post-ACA health care landscape. At a cost of perhaps less than $50 per employee per year, this is often the most effective and most cost effective strategy for addressing employee health insurance concerns.
5) Telemedicine service – Increasingly reported as a valued benefit by employees in a range of situations. The cost is typically less than $250 per employee per year.
6) Concierge medical service – private doctor services in addition to insurance. The cost is higher – typically $2,000 to $2,500 per employee per year – but ensures that members have access to the best that our medical system has to offer.
The non-insurance options (#4, 5 and 6 above) tend to deliver more value for the dollar than an insurance plan.
If you are not sure that your small business is providing post-ACA employee health benefits in the most effective manner, I invite you to give me a call to discuss the options. Freedom Benefits works with small business employers and their independent agents and brokers to deliver the best overall health plan solutions.