Employers can end up spending more than $230 billion a year in excess healthcare costs as result of improper education on how to make the most of their medical coverage.
Only 7% of consumers can correctly define the terms premium, deductible, coinsurance and out-of-pocket maximum, according to United Healthcare research. Yet 50% of employees aren’t sure what they pay in healthcare costs each month, and 55% of employees estimate that they waste $750 per year because of errors they make with their benefits.
