Rising healthcare costs have increasingly become an issue of concern, in this country. Healthcare costs are consistently increasing faster than the rate of inflation, with no reprieve in sight. Over the past decade factors like new government regulations, higher prescription drug costs, and increased consumer demand across a major expansion of healthcare providers have kept that cost going up, up, up!
While institutional issues in Big Pharma and government health regulations are outside of your control, there are some things you can address today to keep your healthcare costs low. Check out our top four:
1. Prescription Drugs
By and large, prescription drug costs make up one of the largest portions of healthcare spending. So much of the unnecessary expenditure, in this area, goes to a lack of healthcare literacy. Some quick tips for minimizing the cost of your prescription are opting for a generic drug when available, very carefully following the prescription instructions, and communicating your needs and situation very carefully to your doctor.
2. Poor Plan Selection
A lot of healthcare spending is wasted simply by not choosing the plan that best fits your needs! It pays off to be honest about the needs of your employees, carefully analyze the options available to you, and to weigh what will get you the best value for your healthcare spending.
Finding a healthcare solution that is tailored to the specific needs of your company can make all the difference! Additionally, solutions like an hour bank can provide even greater flexibility to suit the needs of your business. These options ensure that your plan will actually work well for the needs of your employees.
3. Low Healthcare Literacy
What is healthcare literacy? Healthcare literacy is a certain level of comfort and knowledge with common health tasks like reading and comprehending a prescription drug label, making wise healthcare enrollment decisions, and being comfortable with addressing certain healthcare needs and issues. It’s important, before making a healthcare decision, to understand the healthcare options available and match up the needs to what is financially possible.
More than 77 million Americans are seen as healthcare illiterate. This goes beyond simple personal health and safety, this leads to taking a financial hit and increased health spending. When a person has low healthcare literacy, they’re more likely to rely on more expensive health services like emergency care and inpatient visits.
4. Unhealthy Lifestyle
Did you know that 90% of the nation’s total healthcare costs are attributed to treating chronic conditions? A huge driver in developing chronic health conditions include factors such as a lack of exercise, tobacco use, and poor nutrition.
These chronic health problems that are rooted in general unhealthy lifestyle choices account for a huge amount of employer health spending, in addition to decreased productivity and more instances of absenteeism.
Combat Rising Healthcare Costs
The foundation of an effective workforce is a healthy workforce. At Boon, our goal is accessible and flexible healthcare options with a competitive edge at the forefront. Compliance combined with cost savings can make the business of benefits a vital tool for employer success.
In the current market, employers need flexible solutions that are adaptable, compliant and flexible to the needs of their employees. All the better if these benefits don’t break the bank! We offer a host of highly customizable benefit solutions, including hour banking, retirement solutions, administrative services only (ASO) and major medical. Reduce absenteeism, prioritize employee care in these uncertain times, and do it affordably!
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