Healthcare costs

What will happen when patients finally feel comfortable returning to their healthcare providers’ offices? One survey projects a possible 5.3% increase in health plan costs for large employers in 2021.

Unlike private health insurance, Part D drug plans have no cap on patients’ 5% coinsurance costs once they hit $6,550 in drug spending, which forces patients to rely on financial assistance programs. These arrangements, however, do nothing to reduce drug prices.

With the holiday season approaching, employees may be indulging more and focusing less. An employer-provided nutrition program can help workers practice healthy habits.

Across the nation, workplaces have been the source of major coronavirus outbreaks — largely among the so-called essential workers who bear the brunt of COVID infections and deaths.

Health insurance companies will have to give their customers estimated out-of-pocket costs for prescription drugs and disclose to the public the negotiated prices they pay for drugs.

In order to discern which health plans offer the best bang for member bucks, benefit advisers need to understand the economics of healthcare today.

Every delayed preventative screening, test or check-up can result in a failure to discover a serious medical condition that requires treatment. That raises treatment costs down the line for both company health plan and employee.

A workforce with a greater number of financially stressed workers sees a greater number of sick days, higher healthcare costs, and increased absenteeism.

The overall impact of the crisis adds uncertainty about projected costs.

Employers can help employees prepare for and manage high healthcare costs related to COVID-19 as well as large medical bills related to other health conditions such as serious illness or accidents several ways.