10 worst and best states for healthcare access
Employee Benefit News
OCTOBER 23, 2024
From the lowest number of hospital beds to the highest average deductibles, see which states have the worst healthcare.
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Waiving HDHP Deductibles Has Little Effect on Premiums, Study Says
InterWest Insurance Services
AUGUST 10, 2022
Employers who offer health savings account-eligible high-deductible health plans (HDHPs) to employees can significantly expand pre-deductible coverage for certain drugs used to manage chronic conditions — with only a tiny effect on premiums. no deductible and no coinsurance), the net impact on premiums was an increase of 4.7%.
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Hospital Indemnity Insurance a Key Voluntary Benefit
InterWest Insurance Services
DECEMBER 28, 2021
Fortunately, employers can help by offering their workers voluntary hospital indemnity insurance that can provide peace of mind in case they have a serious medical episode. Hospital indemnity insurance. The worker can use this cash benefit for any purpose, including: Deductibles. She spends two days in the hospital.
How to Cut Health Care Costs
Money Talk
DECEMBER 16, 2021
This includes expenses for health insurance as well as deductibles, copayments, and coinsurance when medical bills occur. Hospitals often charge higher prices than free-standing radiology providers and other medical service providers. Cash payments save a doctor or hospital the processing fee on credit cards.
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Oxford University Hospitals deploys multiple methods to communicate financial support
Employee Benefits
AUGUST 9, 2023
In order to effectively communicate financial wellbeing support to its wide range of employees, UK NHS teaching trust Oxford University Hospitals uses a variety of methods to suit their needs and preferences. The post Oxford University Hospitals deploys multiple methods to communicate financial support appeared first on Employee Benefits.
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More Providers Charge for Telemedicine, Phone Visits and Doctor E-Mails
InterWest Insurance Services
OCTOBER 5, 2023
More hospitals and insurers have started charging patients for virtual care services as they have grown in usage and providers are spending more time meeting patients in telehealth appointments and responding to their e-mails. How it’s being billed The amount that patients are being billed varies among hospital systems and insurers.
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Voluntary Benefits Demand Surges as Employees Seek to Defray Costs
InterWest Insurance Services
JULY 18, 2024
Hospital indemnity premiums were 6% higher. With the increase of high-deductible health plans and the resulting potential high out-of-pocket expenses workers may face, they are gravitating towards products that can provide much-needed cash in case of an unexpected event. Group universal life and whole life were up 9%.
Many Employees Choosing the Wrong Health Plans
InterWest Insurance Services
JUNE 22, 2022
Many employees choose pricey plans with low deductibles, which force them to spend more up front on premiums to save just a few hundred dollars on their deductible. Study 1: The deductible angle. All of the plans offered the same network of doctors and hospitals. A study by Benjamin Handel, a U.C. Strategies.
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Worksite benefits: Hospital indemnity insurance and beyond
Higginbotham
AUGUST 13, 2024
Employers can help their employees by offering worksite benefits like hospital indemnity insurance and other supplemental benefits. What is hospital indemnity insurance? Hospital indemnity insurance is a supplemental insurance plan that’s used in conjunction with an existing health insurance plan.
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New Law Yields Results, Prevents 9 Million Surprise Medical Bills
InterWest Insurance Services
DECEMBER 14, 2022
Often these bills come after going to an in-network hospital but either the doctor, the lab or the anesthesiologist were out of network. Surprise billing is also common in medical emergencies, when an ambulance takes a patient to the closest ER – and frequently at a hospital that’s not in the patient’s network.
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Managing Employee Healthcare Costs in 2021
Best Money Moves
NOVEMBER 4, 2020
The ever increasing cost of healthcare combined with uncertainty about coverage, deductibles and copays keep some employees from getting the medical care they need. More than 20 percent of employers plan to add voluntary benefits, such as critical illness insurance or a hospital indemnity plan.
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Gen Z Workers Go for HDHPs, but Don’t Forget Your Other Employees
InterWest Insurance Services
JULY 4, 2024
workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. HDHPs feature higher deductibles and more out-of-pocket expenses in exchange for lower premiums upfront. While the number of U.S.
Budgeting and Prepping for Open Enrollment
InterWest Insurance Services
AUGUST 1, 2023
Preferred provider organizations – PPOs contract with hospital and provider networks to help control costs. Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans. The average HDHP deductible is $2,349, but many plans exceed $3,000.
Budgeting and Prepping for Open Enrollment
InterWest Insurance Services
AUGUST 22, 2023
Preferred provider organizations – PPOs contract with hospital and provider networks to help control costs. Besides the above, you will also need to decide if you want to reduce the premium for your organization and staff by offering high-deductible health plans. The average HDHP deductible is $2,349, but many plans exceed $3,000.
Tipping Bill passes into law to make withholding tips illegal
Employee Benefits
MAY 3, 2023
It also suggested that this would free up £200m per year of otherwise deducted tips, to go back into the pockets of employees. Hard-working people working in hospitality in Watford and across the country will be able to retain their tips, knowing that they will now have a fair deal.
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Little-Known Things to Consider When Shopping for Group Health Insurance
Insperity
MAY 13, 2015
First and second time group health insurance buyers usually miss the opportunity to buy a health savings account (HSA)-qualified high-deductible health plan (HDHP). HSAs have a triple tax advantage: Contributions made via payroll deduction are pre-tax if made through an employer-sponsored cafeteria plan, therefore reducing taxable income.
If You’re Paid Biweekly, You’ll Probably Get an Extra Paycheck in 2020
HR Digest
JANUARY 8, 2020
For example, if you make $50,000 a year, your biweekly gross pay over 26 pay periods is $1,923.07, minus any deductions like health insurance, 401(k) contributions and taxes. Some employers will choose to divide the annual deductions by 27 – which means they’ll be taking slightly less out of your paycheck each pay period.
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Interest in Health Premium Reimbursement Accounts Grows
InterWest Insurance Services
JUNE 13, 2024
Thanks to generous subsidies on the exchanges, the funds that employers contribute are often enough for workers to purchase either Silver- or Gold-level plans, which have the lowest copayments, coinsurance and deductibles. Any plan a worker purchases on an ACA exchange will satisfy the employer mandate.
More Insurers Pushing Virtual Care for Cost Savings
InterWest Insurance Services
JULY 6, 2023
As well, a growing number of established insurers are starting to sell “virtual-first” plans, often with a zero-dollar deductible and no copays for all visits with virtual-only providers. Initially, hospitals were using it for primary care visits. Last year, the wavier was extended by legislation through Dec.
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16+ types of employee benefits you should consider
Genesis HR Solutions
SEPTEMBER 22, 2020
It covers things including hospital and doctor visits, surgeries, and prescriptions. Using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses can lower overall health care costs. An HSA can be used only if employees have a qualified High Deductible Health Plan (HDHP). UHC.com ).
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Proposed 2015 DOL Overtime Rule Changes: Primary Duty Test
HR Bartender
JULY 21, 2015
This means that only certain deductions are permitted from the employee’s pay for time not worked and no deductions are allowed based on the quality or quantity of work; and. This is particularly true in retail and in hospitality. The employee’s primary duty must be exempt in nature.
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Report: Group Health Plan Cost Inflation to Pick Up Steam
InterWest Insurance Services
AUGUST 31, 2023
New technologies — New technologies that hospitals use are also increasing in cost, as is the cost of servicing and installing the equipment. Aon estimates that the average employee premium contribution in 2023 is $2,682, while they pay out another $1,993 in deductibles, copays and coinsurance.
Helping employees understand key benefits terms
PeopleStrategy
JULY 8, 2019
Deductible : the amount an employee must pay out-of-pocket each year before their insurance kicks in; this does not apply to preventative care, like annual physicals. Co-insurance: the amount an employee must pay after meeting their deductible; under most plans, this is around 20% of full price. Health benefits payment terms.
17 Items That Need To Be Included In Your Employee Handbook
Genesis HR Solutions
JANUARY 24, 2023
Payroll deductions This item spells out each of the deductions the company withholds, including federal, state, and local taxes and other things, including voluntary deductions for benefits. It covers things including hospital and doctor visits, surgeries, and prescriptions.
Group Health Insurance Considerations For Staff Working Past Retirement Age
InterWest Insurance Services
JANUARY 17, 2023
That said, workers who are still on your plan should sign up for Original Medicare Part A (hospital insurance) when they are first eligible. Medicare Part A, which is premium-free, provides secondary coverage of hospital expenses that may not be covered by your group plan.
Are you considering an unvaccinated employee surcharge?
Health Consultants Group
DECEMBER 1, 2021
For example, some companies deduct surcharges directly from their unvaccinated employees’ paychecks. The average amount charged for a COVID hospital stay is $74,591. The average amount charged for a complex COVID hospitalization is $317,810. . Some companies are rewarding vaccine-compliant employees with bonuses.
Six Reasons to Consider COBRA Coverage
Benefit Resource Inc.
OCTOBER 25, 2018
You have already met your deductible or plan limits. There is something that happens when you have a high deductible. One hospitalization later—you have met your deductible and out-of-pocket limits for the year. You may even feel you need to cram everything in before that deductible resets. But, then it happens.
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What is an HDHP?
WEX Inc.
APRIL 25, 2024
High-deductible health plans (HDHPs) have become increasingly popular over the last few years by offering unique features and benefits that appeal to many individuals and families. An HDHP is a type of health plan characterized by its higher deductibles and typically lower premiums compared to traditional health plans.
Best practices to avoid receipt requests
Benefit Resource Inc.
APRIL 10, 2023
Confirm enrollment in a health plan To receive automatic approval for co-pays, certain co-insurance, and deductible expenses, make sure your employer has reported you as enrolled in the company health plan. Co-pays for office visits, specialists, and hospital stays are typically approved automatically.
Utilizing Pre-Tax Benefits to Prioritize Health in 2023
Benefit Resource Inc.
JANUARY 3, 2023
With a Flexible Spending Account (FSA), you can set aside up to $3,050 in pre-tax dollars per calendar year to pay for eligible medical expenses like doctor visits, hospitalizations, and prescription medications. That’s more money in your pocket!
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HDHP vs. PPO: Choose the health plan that’s right for you
WEX Inc.
NOVEMBER 27, 2024
Nearly two-thirds of large employers provide their employees with the choice of a high-deductible health plan (HDHP) and a traditional health plan, such as a preferred provider organization (PPO), during open enrollment. The IRS sets deductible limits that determine what is an HDHP. But there are high-deductible PPOs, as well.
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Mental health insurance coverage is a must for modern employers
Business Management Daily
OCTOBER 6, 2021
High deductibles making hospitalization or inpatient care inaccessible. Many employers offer plans with low monthly premiums but high deductibles and copayments, these are great for employees who do not use healthcare services frequently. A lack of in-network providers in the employee’s region. High copayments on appointments.
Finding the sweet spot for your FSA election
Benefit Resource Inc.
OCTOBER 18, 2018
Annual deductible. Option 2 — Use your deductible and past experience as a benchmark. Do you meet your deductible every year? First, find out what your deductible is. It includes general medical expenses, hospitalization and specialist expenses, and dental and vision. Insurance Deductible: $2,000.
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5 ways you can help employees get the most from their benefits
Insperity
OCTOBER 31, 2017
You might also think about providing blood pressure screening (a local hospital may be able to provide this at little to no cost) or a raffle for fitness equipment or dinner at a nice restaurant. For instance, what costs are the employees responsible for (partial premiums, deductibles, etc.)? Consider offering lunch or snacks.
What financial wellbeing support should be offered around salary advance schemes?
Employee Benefits
APRIL 17, 2023
The scheme is increasingly used by a wide range of demographics, including those in the healthcare, retail and hospitality sectors, but now IT and utilities employees are also taking part, says Jonathan David, founder and chief executive officer of FlexEarn.
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American Workers Are Burned Out; Employers Can Help
InterWest Insurance Services
NOVEMBER 30, 2023
Provide supplemental insurance — Supplemental benefits include accident, critical illness, hospital indemnity, disability, cancer, life, vision and dental insurance. These are designed to complement medical insurance, particularly for workers with high deductibles or out-of-pocket expenses.
New Approaches to Managing Health Care Costs, Improving Outcomes
InterWest Insurance Services
FEBRUARY 8, 2024
This process, called steerage, if executed correctly can save the employee money on their deductibles, copays and coinsurance and help them get better overall care. For standard services, this steerage can help your employees see immediate savings on small payments.
Richard Branson: Prepare for proposed increases to national minimum wage
Employee Benefits
AUGUST 21, 2024
If implemented, this will represent a nearly 40% increase for those between the ages of 18 and 20, and severely impact the hospitality and retail sectors, where a large portion of the workforce is aged under 21. The employee’s pay for NMW purposes is calculated after the deduction has been made and can result in unintentional underpayments.
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What does coinsurance mean in health insurance?
Higginbotham
FEBRUARY 21, 2023
Coinsurance Meaning in Health Insurance Plans HealthCare.gov says coinsurance is a percentage of covered health care expenses that the policyholder must pay after meeting the deductible. This means that you have to pay 20% of the costs for covered care, such as hospital stays, doctor appointments and diagnostic tests.
Choosing telemedicine versus urgent care versus the ER
WEX Inc.
OCTOBER 20, 2023
Especially now, when doctor's offices and emergency rooms across the country are being flooded with coronavirus concerns, we all need to do our part to reduce overcrowding in hospitals and the unnecessary spread of illness. If your deductible has been met, you will only pay for the copay at the time of your visit. Knowledge is power.
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HDHPs: How Voluntary Benefits Can Fill the Coverage Gap
Winston Benefits
MARCH 3, 2016
Among the findings, adoption of high deductible health plans (HDHPs) is on the rise, but is still much lower than traditional PPO plans. Benefitfocus released its 2016 State of Employee Benefits study recently. One reason for this may be the coverage gap created by HDHPs.
My Life in Benefits Age 45: Mammogram Screening
Benefit Resource Inc.
JUNE 6, 2019
And by “free” I mean you don’t have to pay even if you haven’t met your deductible or if you have a cost-sharing program that typically involves a co-pay or co-insurance. If you haven’t met your deductible, you will have to pay a portion of the cost-sharing based on your plan. What to do next.
Coronavirus and Financial Stress: How Will Employees React?
Best Money Moves
MARCH 5, 2020
Employees, especially those in industries like hospitality, retail, healthcare and food service are fearful of what will happen if they’re infected with the coronavirus. Stores everywhere are selling out of hand sanitizer, face masks, groceries and household supplies as Americans panic about an outbreak reaching their neighborhood.
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Health Insurance for Expats in Thailand
Global People Strategist
JUNE 8, 2022
It is funded through taxes and monthly deductions from employees’ salaries. In simple terms, once you get into the public health system, 5% of your income a month will be deducted under the account of UCS. The downside to this system is the restriction of visiting just one medical facility.
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