In many ways, getting back to work after the viral shutdown will be difficult. Getting your best employees to return is critical to your company’s success.
Offering some form of health benefit will be more vital than ever after the COVID scare. Although you are certainly aware that there are numerous reasons to consider group health care plans for individuals or, more specifically, your employees, researching and selecting the right employee health benefits for your staff will be time-consuming and costly.
When it comes to health benefits, the choice you make has a lot of implications. On the one hand, you want to hire the best people, but you also need to worry about paying the bills, getting back up and running, and perhaps making a profit.
Health Care Statistics in the USA
According to a recent analysis on the healthcare sector in the United States, the people of this country spent over $3 trillion on medical bills in the year 2020, and prices have only risen since then.
Industry analysts project that this will approach $6 trillion by the year 2024 as a result of COVID-19, with over 60 percent of American taxpayers accountable for medical costs. With figures like these, it’s easy to see how the financial stress of deciding on employee health care initiatives could be worse than the worst illness or treatment.
It’s obvious evidence that now more than ever, employers must consider reasonable group health care plans for individuals that employees can actually use and benefit from.
Traditional Insurance Vs. Group Health Care Sharing Plans
These days, getting a higher level of medical treatment to fulfill your medical needs might be costly and a disaster for most, particularly if you try to do it on your own.
A trip to the ER might result in a mountain of medical fees for you or your employee if you choose the wrong health plans. Even with traditional health insurance, outrageous healthcare costs and complicated medical billing practices tilt the deck against most employees.
It almost appears that the insurance company and the hospital are working against the patient when it comes to money. Sure, mistakes happen, especially when there are a lot of medical bills from different doctors and hospitals. However, most of us aren’t medical billing specialists and can’t separate a valid expense from a mistake.
The good news is that health insurance isn’t the only option. For many people, medical cost-sharing or group health care sharing plans have emerged as a better option thanks to a community-based approach.
There are various benefits to enrolling in a group health sharing plan, including unrestricted telemedicine, direct primary care, and access to any medical care or facilities.
To see your preferred doctor, you do not need to be a member of a traditional insurance network. Monthly payment choices might be less expensive than standard insurance premiums.
For members with medical problems, the cost-sharing membership or the group health care sharing plan comes with a good amount of support. This includes assisting members in locating a doctor and negotiating big medical expenditures. Members pay a tiny ‘initial unshared sum,’ and the rest is totally shared with the community instead of hefty deductibles and out-of-pocket payments like in a traditional insurance policy.
Why Choose Group Health Care Sharing Plans?
There are several critical differences between group health care sharing plans and health insurance that should be examined, whether it’s for your employees or just you and your family.
The community-based approach to paying for healthcare has some striking parallels and distinctions that can save you money and improve your quality of life.
Both traditional insurance policies and group health care sharing plans require a large number of people to pay on a monthly basis, but the two are substantially different after that.
A group health care sharing plan’s community does not exist to make a profit, unlike an insurance company. The community was formed to make it easier for members to pay their medical expenditures by pooling their resources. It’s no surprise that it’s so less expensive than health insurance.
Choosing between health insurance and group health care sharing plans should not be a snap decision, whether you are self-employed, own a small business, or work for a large firm.
It’s crucial to keep in mind that things change with time, and, for the most part, the devil is in the details. If you decide to delegate this decision to an insurance agent or an office manager, proceed with caution. Not everyone shares the same goals or has the knowledge to compare two very different items like group health care sharing plans for individuals and health insurance.
The information mentioned above should help you understand the major differences between a traditional health insurance policy and a group health care sharing plan.