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 40 percent of employees have deferred medical care because of financial concerns, according to research by Willis Tower Watson.

Healthcare 111

Healthcare Out of Pocket Cost Voluntary Benefits Management 111

InterWest Insurance Services

AUGUST 15, 2024

As prescription drug costs continue growing and pricey new pharmaceuticals add to health plans’ cost burdens, some carriers are starting to reduce the number of medications they’ll cover and are imposing new barriers to accessing the most expensive ones. This is referred to as a pharmacy deductible.

Out of Pocket Cost 98

Out of Pocket Cost Pharmaceutical Deductible Deductions 98

InterWest Insurance Services

MARCH 22, 2022

The Department of Health and Human Services has issued some new “frequently asked questions” for its Affordable Care Act pages, and new guidelines that require health plans to expand what they are required to cover with no cost-sharing.

Out of Pocket Cost 98

Out of Pocket Cost Insurance Medical Consulting 98

PeopleKeep

DECEMBER 29, 2021

While it sounds confusing, having dual insurance like this is perfectly legal—you just need to make sure you’re coordinating your two benefits correctly to make sure your medical expenses are being covered compliantly. Whether or not you’ll have any out-of-pocket costs.

Health Insurance 105

Health Insurance Insurance Out of Pocket Cost Medical 105

InterWest Insurance Services

MAY 18, 2023

” HDHP enrollees enjoy lower up-front premium costs in exchange for higher potential out-of-pocket costs for copays, coinsurance and deductibles, and high health care users may experience significant outlays not covered by insurance. If enrolled three or more years, 55% were satisfied.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Deductible Deductions 98

InterWest Insurance Services

FEBRUARY 20, 2024

As health insurance costs have risen, more employers have started offering their employees this option as the upfront premiums are often lower than with other plans. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Deductible 98

Deductible Deductions Out of Pocket Cost Health Savings Account 98

InterWest Insurance Services

JUNE 27, 2024

The IRS has issued a new bulletin, reminding Americans that funds in tax-advantaged medical savings accounts cannot be used to pay for general health and wellness expenses. The essence of what is reimbursable comes down to whether it’s a qualified medical expense.

Out of Pocket Cost 98

Out of Pocket Cost Flexible Spending Account Food Health Savings Account 98

InterWest Insurance Services

JANUARY 27, 2023

Recent studies have highlighted an alarming trend in American health care: More and more people are struggling with medical bills and many are delaying care due to high costs. The most recent poll by Gallup found that 38% of those surveyed said they or a family member had delayed care in 2022 due to high costs.

Out of Pocket Cost 98

Out of Pocket Cost 401(k) Deductible Deductions 98

InterWest Insurance Services

MAY 2, 2024

The primary care dentist acts as a “gatekeeper” to more advanced services, and ensures that any referrals to more advanced or specialized levels of care are legitimately medically necessary. However, there still may be a network, and your out-of-pocket costs may be lower if you see dentists from within these networks.

Insurance 90

Insurance Out of Pocket Cost Deductions Deductible 90

InterWest Insurance Services

AUGUST 10, 2022

The reason: According to research from Johns Hopkins University, poorly managed chronic medical conditions cost employers an estimated $198 billion every year. These costs show up in several ways: Direct usage of medical services such as preventable ER visits and hospitalization. Cost of temporary workers.

Deductions 98

Deductions Deductible Family and Medical Leave Act Health Savings Account 98

InterWest Insurance Services

DECEMBER 28, 2021

Most employers offer major medical coverage to their full-time employees. But that still leaves workers and their families with significant exposure to financial hardship in the event of a serious medical emergency. Medical equipment, such as wheelchairs or walkers. But your employee now has some significant medical bills.

Voluntary Benefits 98

Voluntary Benefits Hospitality Insurance Out of Pocket Cost 98

InterWest Insurance Services

JUNE 2, 2023

For the most part, people use their funds in FSAs and HSAs to reimburse themselves for out-of-pocket costs like copays, health insurance deductibles and the cost of prescription medications. Vitamins and supplements Sleep deprivation treatment and medication Breast pumps Birth control devices (condoms, pills, etc.)

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Medical Health Insurance 98

InterWest Insurance Services

JANUARY 18, 2024

As health insurance costs have risen, more employers have started offering their employees this option as the upfront premiums are often lower than with other plans. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Out of Pocket Cost 83

Out of Pocket Cost Deductible Deductions Voluntary Benefits 83

InterWest Insurance Services

AUGUST 29, 2024

If your staff are using their plans less frequently than their peers at other companies, it could point to issues, such as the plan being too costly, either via the employees’ share of premiums or out-of-pocket costs. By digging deeper into claims, you can see where your workers are mostly going for health care services.

Out of Pocket Cost 98

Out of Pocket Cost Health Insurance Insurance Utilities 98

InterWest Insurance Services

OCTOBER 20, 2022

The Centers for Medicare and Medicaid Services’ transparency rules were implemented to shine the light on what hospitals charge for their various medical services, the negotiated rates insurers have with health plans and the out-of-pocket costs enrollees can expect to pay for these services.

Hospitality 98

Hospitality Out of Pocket Cost Insurance Medical 98

InterWest Insurance Services

MAY 26, 2023

While drugmakers have been assailed for years for increasing their prices and driving the cost of medications higher and higher, there is another player in the health care space that is receiving increased scrutiny: pharmacy benefit managers. Those rebates can be significant.

Out of Pocket Cost 98

Out of Pocket Cost Manufacturing Insurance Medical 98

InterWest Insurance Services

AUGUST 10, 2023

While drugmakers have been assailed for years for increasing their prices and driving the cost of medications higher and higher, there is another player in the health care space that is receiving increased scrutiny: pharmacy benefit managers. Those rebates can be significant.

Out of Pocket Cost 98

Out of Pocket Cost Manufacturing Insurance Medical 98

InterWest Insurance Services

JUNE 16, 2022

An insurer that offers the narrow network plan will contract with a local, community-based medical provider, large enough to ensure they have all the specialties needed for the insurance plan. There is no limit if your employee goes out of network. Many people think the plans are restrictive, but that’s not the case.

Employment 98

Employment Out of Pocket Cost Health Insurance Insurance 98

InterWest Insurance Services

AUGUST 1, 2023

Going out of network is discouraged with high out-of-pocket costs. Preferred provider organizations – PPOs contract with hospital and provider networks to help control costs. While they will cover services outside of the network, the cost is higher than going in-network.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductible Deductions 98

InterWest Insurance Services

AUGUST 22, 2023

Going out of network is discouraged with high out-of-pocket costs. Preferred provider organizations – PPOs contract with hospital and provider networks to help control costs. While they will cover services outside of the network, the cost is higher than going in-network.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductible Deductions 98

InterWest Insurance Services

APRIL 18, 2024

Studies show that one in four adults skips needed care or medications due to cost. Consider adding a direct primary care benefit, which allows workers and covered family members unlimited appointments with their primary care physician with no out-of-pocket costs. Offer mental health or sick day leave.

Out of Pocket Cost 96

Out of Pocket Cost Parental Leave Work From Home Insurance 96

InterWest Insurance Services

MARCH 15, 2022

It’s no secret that most employees do not fully understand all of their health insurance benefits, which can lead to worse health outcomes and them spending more money than they need to for some medical procedures. Overtreatment and unnecessary treatments can lead to worse health outcomes and higher out-of-pocket costs.

Out of Pocket Cost 98

Out of Pocket Cost Health Savings Account Health Insurance Medical 98

InterWest Insurance Services

JULY 13, 2023

this year and at a faster clip in 2024 as inflation hits medical costs. 39% offer a medical plan with no or a low deductible or cost-sharing (e.g., Programs also include pain management, which can reduce medical costs and improve patient outcomes. copay plan).

Employment 98

Employment Out of Pocket Cost Health Insurance Health Savings Account 98

Benefit Resource Inc.

FEBRUARY 2, 2023

Employees have a better chance of managing out-of-pocket spending when they understand how their out of pocket expenses can be reduced and what type of savings will come along with that. To help you get started, here are 6 tips to help employees manage their out-of-pocket expenses.

Out of Pocket Cost 98

Out of Pocket Cost Management Insurance Carriers Finance 98

InterWest Insurance Services

DECEMBER 29, 2023

On top of higher premium layouts, workers in small firms may also pay higher deductibles and have higher out-of-pocket medical costs: About 59% of employees in small firms have a family-plan deductible of at least $3,000 before the plan will start covering most services.

Out of Pocket Cost 98

Out of Pocket Cost Deductible Deductions Health Savings Account 98

Insperity

MAY 13, 2015

Distributions from an HSA to pay for qualified medical expenses are tax-free. HDHPs are health insurance plans with lower premiums and higher deductibles and out-of-pocket maximums than traditional health plans. In addition, employer contributions to an HSA can keep out-of-pocket costs reasonable for employees.

Health Insurance 87

Health Insurance Insurance Out of Pocket Cost Health Savings Account 87

Total Employee Benefits

OCTOBER 15, 2021

Shadow pricing your benefits plan helps you make intentional decisions about which soft costs associated with your changing your plan are acceptable and will outweigh both the financial and convenience costs incurred. What are the soft costs of changing your group medical plan?

Out of Pocket Cost 93

Out of Pocket Cost Medical Deductible Deductions 93

Benefit Resource Inc.

APRIL 20, 2023

Consider Any Upcoming Medical Expenses Once you’ve reviewed your expenses from last year, think about any upcoming medical expenses you might have. This could include things like dental visits, eye exams, and even over-the-counter medications.

Out of Pocket Cost 83

Out of Pocket Cost Flexible Spending Account Flexible Spending Health Savings Account 83

The Workcomp Writer

OCTOBER 20, 2022

In an unpublished opinion, the Court of Appeals of New Mexico affirmed a decision by a state workers’ compensation judge that denied an injured worker’s request for full reimbursement of out-of-pocket costs for medical cannabis used in connection with his injury [ Barrozo v. Albertson’s, Inc. LEXIS 372 (Oct. 11, 2022)].

Out of Pocket Cost 72

Out of Pocket Cost Medical Workers’ Compensation Insurance 72

InterWest Insurance Services

NOVEMBER 22, 2023

In order to contain costs and improve outcomes for their workers, employers can employ a number of different strategies, according to the report by the International Foundation of Employee Benefit Plans. The seven most common conditions are: Heart disease Cancer Chronic lung disease Stroke Alzheimer’s Diabetes Chronic kidney disease.

Out of Pocket Cost 98

Out of Pocket Cost Education Health Insurance Insurance 98

InterWest Insurance Services

FEBRUARY 8, 2023

Additionally, one study published in the medical journal Arthritis & Rheumatology found that one-third of knee replacement operations were later deemed unnecessary, and an additional 21% were inconclusive. The employer and/or health plan saves money by not having to shell out thousands for surgery that could have been avoided.

Out of Pocket Cost 97

Out of Pocket Cost Insurance Health Insurance Medical 97

The Workcomp Writer

MARCH 20, 2023

In both decisions, the majority indicated that such reimbursement requirement was unencumbered by language in Section 2102 of the MMA stating that nothing in the MMA should be construed to require an insurer or a health plan to provide coverage for medical marijuana. Sheets received medical treatment that included two back surgeries.

Medical 52

Medical Out of Pocket Cost Workers’ Compensation Employment 52

InterWest Insurance Services

JULY 6, 2023

More and more insurers are expanding the use of telemedicine, just as a new study shows promising cost savings of up to 25% from virtual care when implemented properly. All that uptake has forever changed perspectives on medical care delivery and the number of visits that can be handled via telemedicine is growing.

Insurance 95

Insurance Out of Pocket Cost Hospitality Health Savings Account 95

InterWest Insurance Services

MAY 25, 2022

Steps they are considering include: Improving quality and outcomes to lower overall cost. Adding or enhancing low- or no-cost coverage for certain benefits. Making changes to their employees’ out-of-pocket costs. Increasing the amount they contribute towards their employees’ health insurance premium.

Employment 97

Employment Out of Pocket Cost Health Insurance Insurance 97

Benefit Resource Inc.

OCTOBER 17, 2023

This new platform helps protect cardholders’ medical data and monitors their medical claims for potential errors, fraud, and overbilling. Data privacy and healthcare costs are top-of-mind issues for consumers. HealthLock monitors medical breach databases and alerts a member anytime it detects a breach at one of their providers.

Medical 52

Medical Out of Pocket Cost Healthcare Banking 52

Griffin Benefits

JULY 30, 2021

While these higher deductibles are offset by cheaper monthly medical premiums and often by employer contributions to Health Savings Accounts (HSA), HDHP plans are nevertheless structured in such a way as to promote heightened "healthcare consumerism.". In a future post, we'll offer tips on how to save money on common medical procedures.

Medical 52

Medical Pharmaceutical Employment Deductible 52

InterWest Insurance Services

APRIL 27, 2023

To put it into dollar signs, that’s an extra $104 for individuals and $231 for families each month for medical insurance. Some employers have gravitated towards HDHPs to reduce their and their employees’ overall premium spend, but these plans come at a cost: more out-of-pocket costs for workers.

Health Insurance 98

Health Insurance Insurance Out of Pocket Cost Deductible 98