Insurance Marketplace, Inc Blog
This period of unprecedented economic strain has intensified for business owners. Due to the unclear direction of the disease and the economy, difficulties are present in controlling their workers' health care costs. In this article are the changes that occurred for health insurance that every business owner should know.
Medical Premium Plans
Although insurers have had to fork out more cash to cover coronavirus services, by putting off all but the most critical medical care, more and more individuals are limiting spending. The dramatic decline in elective medical procedures such as regular cancer scans and health checkups has reduced costs so much that the plans for next year influence estimates.
Due to excessive income and low medical loss ratios during the pandemic, many insurers offered premium relief and voluntarily waived cost-sharing for COVID-19 treatment for their members.
Health Insurance Costs
Before the pandemic, studies found that more than half of Americans with employer-sponsored health insurance had postponed or deferred prescribed treatment for themselves or a family member in the previous year. The loss of employment, wages, and health insurance related to the pandemic would significantly intensify current healthcare costs for all Americans.
Based on a recent survey, 68% of adults said that the out-of-pocket costs they have to pay would be significant to their decision to seek treatment if they had Covid-19 symptoms. By prolonging the pandemic, the effect of it on the economy is worsening. Failure to obtain testing and treatment due to cost harms everyone.
Challenge for Employers
This year, Americans could spend anywhere from $75 billion to $575 billion less than anticipated on health care. Another actuarial firm estimates that self-insured workers will this year see a 4% reduction in their employees' health costs.
Business leaders need to make it a priority to understand the company's health care benefits, especially the CEO. Employee health benefits per 1,000 workers spend more than $15 million annually, and employers can handle costs with the same rigor and experience as they evaluate other significant expenditures.
Health insurance is a big deal for business owners when your employee's health care is your responsibility. It is vital that, as an employer, you have the right health insurance to protect you and your employees.
At Insurance Marketplace, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (541) 779-0177 or Click Here to request a free quote.