The Affordable Care Act (ACA) has caused healthcare costs to rise.
Many of the large insurance companies have responded with higher deductibles and “narrow networks”, meaning fewer options for care, and greater cost. Employers have responded by increasing deductibles, and making employees pay a greater share of the premium, especially for those covering dependents.
The difference in price between “Preferred Providers” in most insurance networks can be 1,000% or more. With very little transparency, it is difficult to make informed healthcare decisions.
One solution which is expanding very quickly is called “Reference Pricing”. In this kind of health plan, the plan will pay any doctor a pre-determined percentage above the Medicare rate. The employee submits a medical request on MediBid, and then reviews the bids for quality, price, and location. Often, this leads to the employee paying a lower out-of-pocket cost, and sometimes even getting money back.
Another popular solution is offering Minimum Essential Coverage and a Health Savings Account (HSA) to your employees. Then, they can join one of the Faith Based Healthcare Sharing Ministries for their major Medical Needs.
The above solutions can save between 35% and 70% of your healthcare costs.
One company on the west coast with about 200 employees was able to decrease their deductible from a $3,000 annual deductible, to a $100 monthly deductible, while reducing their annual healthcare costs from $2 million to under $800,000 by following our recommendations – a cost reduction of 60%. These kinds of savings can keep people in business.