IS ALTERNATIVE HEALTHCARE A MISSED OPPORTUNITY FOR YOUR EMPLOYER-PROVIDED INSURANCE PROGRAM?
Alternative care is not new. However, it has increased in positive perception, among both individuals and companies offering healthcare options to their employees.
Plus, it may be an alternative to helping employers reduce their group health insurance costs.
Alternative health care based on preventative care is often less costly than sickness care. If you can prevent a situation from getting worse or from happening at all, then you’re in a better position to manage your health care costs.
So, why should this be of concern to you as a manager or business owner?
The rising cost of employer-provided healthcare
PwC is predicting a rise in employer spending for health care in the coming year because of an increase in drug prices. PwC’s predictions aren’t the only areas affecting employer-provided health benefits. Overall, it’s estimated that an employer’s total health care cost per active employee in 2019 is $13,243. In 2018 it was $12,612.
So, with the rising costs of providing health care programs, businesses need to determine how best they can reduce the burden of these costs.
More of a Podcast Listener? Check out our episode on this topic here: https://anchor.fm/call-your-broker
More of a VLOG watcher? View the full episode below:
How would alternative healthcare be cheaper?
You may consider three-times weekly visits to a chiropractor as an unnecessary expense. But, those weekly visits over several months can save you having to pay out a significant sum for surgery in another few years.
Wouldn’t that have been an excellent ROI for your business?
That’s what you need to consider when you plan a benefits package for your employees. How can you mitigate risks in the future by incentivizing palliative health care and lifestyle changes now?
If you’re still researching health insurance options or would like to explore how to reduce your costs and risks, give us a call. At Treadstone Risk Management, we help business owners navigate various insurance requirements and plan benefits packages to attract and retain top talent in their business.