ClaimLinx understands that health insurance rates are high, and they keep going up every year. Our experienced benefits consultants work with business owners to keep insurance costs low for you and your employees. In today’s blog, ClaimLinx explains why insurance rates are so high and how to start cutting them.
Why Health Insurance Rates Are So High
Health insurance rates are high for several reasons. Investopedia states that administrative costs are the number one reason why health insurance costs skyrocket. Healthcare companies need billing clerks to determine what is or is not covered by health insurance. Around one-fourth of healthcare costs are due to administrative costs. Considering overall healthcare costs were a whopping $3.65 trillion in 2018, administrative costs were around $912.5 billion.
Defensive medicine is another reason for high health insurance rates. Doctors err on the side of caution when it comes to trying to diagnose patients. Someone might get an MRI, bloodwork, and a biopsy just for one visit to the doctor’s office. When more people get more tests, health insurance costs increase. Defensive medicine adds nearly $50 billion to the costs of healthcare in the United States.
How to Cut Health Insurance Rates at Your Company
Health care and insurance costs are increasing at an unprecedented rate, and that’s why you need a creative solution. ClaimLinx devised a method for savings that works. It’s called the Simple Option Solution. It combines a high deductible health plan with a self-funded plan, and it saves small businesses 20 to 40 percent on their health plan. There’s no reason to keep giving your company’s hard-earned money away to the insurance company. You can take back control with a new method of buying employee benefits that is less expensive and more flexible.
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Flexibility is a way to save money on health insurance rates. While group health insurance might work well for some small businesses, individual benefits consulting and shopping for plans in a marketplace might make more sense for others. Implementing the ClaimLinx Solution is about looking at all aspects of the plan, from the plan with a carrier to the prescription coverage, from the copays for office visits to the overall plan deductible. ClaimLinx can help you find the right options for the best possible costs.
Educate Your Employees
Educate your employees on how to seek healthcare options and take better care of their health. Consider anti-smoking or anti-tobacco campaigns if your company has smokers on staff. Where employees seek medical care can also affect their health insurance rates. ClaimLinx can explain how someone’s choices to seek medical care can make health insurance rates go up. We go over urgent care versus an emergency room visit, out-of-network versus in-network care, pre-tax payroll deductions, and wellness initiatives for workers.
Hire ClaimLinx to Lower Health Insurance Rates
ClaimLinx offers the ClaimLinx Solution to help lower your health insurance rates. Our experienced health benefits consultants can find you the best possible rates on employer-paid benefits while also educating your workers on how to save money on healthcare costs. Contact ClaimLinx or call toll-free 1-800-858-1772 to see what we can do.