BenefitsTV the Podcast
Andrew McNeil and Rosario Avila
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Navigating Rising Health Insurance Costs
In this episode of Benefits TV, Andrew and Rosario discuss strategies for employers and employees to deal with increasing health insurance premiums and out-of-pocket costs. They talk about plan design changes like HRAs and HSAs, using telehealth, shopping for medications, and taking advantage of standalone providers. Chapters: 0:00 - Introduction 0:44 - Increasing premiums and plan changes 3:04 - Communicating changes to employees 4:28 - HRAs vs. HSAs 6:47 - Bronze plans with HRA funding 10:00 - First year utilization with HRA plans 13:35 - ICRAs for out-of-state employees 15:59 - Saving money with standalone providers 19:10 - Using urgent care over ER 21:40 - Telehealth pros and cons 25:00 - Provider navigation services 26:58 - Wrap up Show Notes: - Average premium increases Andrew & Rosario are seeing: 10-15% - Importance of communicating full cost of benefits to employees - HRA plans can provide immediate funding vs HSAs that are funded over time - First year of HRA plans often have low utilization as employees learn about new benefit - ICRAs allow employers to reimburse out-of-state employees for individual plans - Employees should shop pharmacies for best generic drug prices and pay cash if lower than copay - Visiting standalone labs/clinics is usually cheaper than hospitals - Urgent care is significantly cheaper than ER for non-emergencies - Telehealth is convenient but some providers are mandating it, frustrating patients - Provider navigation services can help negotiate medical bills and find cost-effective care Contact us: Andrew McNeil - AndrewM@arrowbenefitsgroup.com Rosario Avila - RosarioA@arrowbenefitsgroup.com
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