Getting back to business after the virus shutdown will be tough in many respects. Getting your best employees to come back is really important to your business. After the COVID scare, offering some kind of health benefits will be more important than ever before. But comparing and selecting employee health benefits for your employees is intense and time consuming with huge financial consequences.
When it comes to health benefits, whatever you choose there’s a lot riding on the decision. On the one hand, you want to attract and retain the best employees, but you still have to worry about paying the bills, getting back-up and running and hopefully make a profit. That might be a long shot in 2020 but you can still try for it.
A recent report on the American health sector shows that the U.S spent $3.3 trillion on medical costs in 2016, and prices have only increased since then. Post COVID-19, industry analysts predict that this could exceed 6 trillion dollars by 2024, with a staggering 64% of American taxpayers being held liable for medical payments. With such astonishing figures as these, it’s clear that the financial pressure of selecting employee health benefits could feel worse than the worst sickness or treatment. It is clear proof that now more than ever, employers need to be thinking about affordable health benefits that employees can actually afford to use.
These days seeking higher level care for your medical needs can be disastrous, especially when you are trying to handle it alone. If you picked the wrong health benefits, a visit to the ER can result in a mountain of medical bills for you or your employee. Outlandish prices for healthcare and complex medical billing jargon stack the deck against most employees even with health insurance. When it comes to money, it almost seems like the insurance company and the hospital are working against the patient. Sure mistakes happen, especially when there are large medical bills from various care providers and medical facilities. But most of us aren’t medical billing experts and can’t tell a mistake from a legitimate expense. If you try taking on mega hospitals and the health insurance organizations on your own it’s an uphill battle.
The good news is that there is another alternative to health insurance. Through a community-based approach, so-called medical cost-sharing has come up with a superior choice for many people. The numerous favorable advantages to this include unlimited telemed, access to any medical care or facilities. There’s no insurance network needed to see your doctor of choice. Monthly payment options can be as much as 50% cheaper than the average insurance premiums. The cost sharing membership comes with a healthy amount of support for members with medical needs. This includes help finding a doctor and negotiating the large medical bills for members. Instead of high deductibles and out of pocket expenses, members pay a low ‘initial unshared amount’ and the rest is fully shared with the community.
Whether it’s for your employees or just you and your family, there are some important differences between medical cost-sharing and health insurance that should be considered. The community-based approach to paying for healthcare also has some similarities and some impressive differences that can save you money and make a positive impact in your daily life. Both insurance and medical cost sharing rely on large numbers of people to pay monthly but after that they are very different. While insurance companies exist to make a profit, a medical cost sharing community has no such objective. The community is established to facilitate members’ medical bills getting paid using the combined sharing of the members. It’s little wonder it costs so much less than health insurance.
Take Note – Important Factors to Consider for your Medical Cost-Sharing Selection
Whether you are self-employed, a small business, or a successful corporation, deciding between health insurance or medical cost sharing should not be a flash decision. It’s important to remember that things change over time and most of the time, and the devil is in the details. Be cautious if you decide to delegate this choice to an insurance agent or an office manager. Not everyone has the same objectives in mind or the experience to compare two very different things like medical cost sharing and health insurance.
So, with this in mind, here are a few important things to look out for:
- Medical Cost-Sharing is Not an Insurance Policy or Coverage
When you sign up for insurance coverage you pay a monthly premium and give control over your healthcare to the insurance company. They get to decide what is covered and how much it costs. One important advantage with cost sharing is that true medical cost-sharing communities do not offer health insurance, just an alternative way to pay for your healthcare needs. That means unlike with insurance the community does not take over, or assume the member’s medical risk, their care choices or their medical bills. The member stays in control of their healthcare choices. There is no insurance company overhead, bias or red tape standing between you and your doctor. Instead, it’s based on a mutually beneficial medical cost sharing approach. A large and diverse community of members all agree to share a regular monthly contribution which is used to reimburse the eligible medical needs of others in the community at a time of need. It is using this aggregation of resources the community is able to reimburse member’s large medical needs. The resources of the community are constantly ‘replenished’ by the regular monthly shares contributed willingly by each member. Members contribute freely with the assurance and confidence that when their own medical needs arise that those same community resources will be available to reimburse their needs too.
If you find yourself unsure about what you are dealing with, a good place to start is by asking the company if they offer ‘insurance’ or ‘coverage’. If they say yes, then you are not dealing with a true medical cost-sharing health insurance alternative. Legitimate medical cost-sharing communities try to avoid confusing people with insurance terminology like ‘health coverage’. In general, the medical cost sharing community is often outspoken about being different from insurance and proud of the differences. Especially the cost differential being around 50% less.
- There is No Network Required
Some people say that sowing confusion and uncertainty is common practice with medical insurance companies. When it comes to customer experience nightmares, few service providers are less user friendly than insurance providers. When you are trying to make smart choices about your health benefits, health insurance firms deliver a baffling range of plan designs with a mashup of restrictions, coverage limitations and network restrictions that defies comparison or rational decision making. Even if you pay attention to every detail, you can quickly find your employees or you paying large out of pocket expenses because of health coverage limits, deductibles or network restrictions that you were not aware of.
A defining point for medical cost-sharing is that in most cases there are no-network restrictions. Medical cost sharing members can go to any doctor they want and not pay health insurance out of network penalties. Because members are actually cash-paying patients they have found out the dirty little secret in health care. The big secret is that most every doctor has a ‘cash price’ that’s almost always less than the insurance company’s pay.
In the same way, when a member has catastrophic healthcare needs the cost sharing community helps by negotiating any complex medical bills with providers, and on behalf of the member. Instead of members being confused and manipulated by insurance corporate procedures, restrictions and rules, medical cost-sharing members are free to choose any doctor they want, or visit any medical facility their doctor recommends for their treatment.
- Unnecessarily High Payment Amounts
Medical cost-sharing is built to serve as a means of financial assurance through communal support if your health takes a turn for the worse. It enables a willing group of like-minded people to stand together and strong against ridiculously high premiums and coverage limits being forced onto them by traditional health insurance. It works because a large portion of Americans find themselves in a no-win position spending thousands of dollars on limited or unsatisfactory health insurance, simply because they are being led to believe it’s the only good option vs going without any health coverage at all.
Another big factor everyone loves about medical cost-sharing programs is the often dramatically lower monthly payment involved. Upon comparison to health insurance premiums, you should expect to see a 30-60% decrease in the monthly payment compared to high deductible health insurance. If this isn’t the case, you might not be looking at a true medical cost-sharing organization like the one presented by Scoop Health.
- A Growing Community of Member Involvement – The Bigger the Membership, the Stronger the Community
Legitimate medical cost sharing community managers, such as Sedera, invest in supporting the current and future medical needs of their members, reinforcing and promoting core healthy values and negotiating member’s large medical bills. The Sedera concept of a building stable non-religious medical cost sharing community has taken off. Just like other sharing models, medical cost-sharing is fueled by the power of community and of course technology. The internet makes it faster, cheaper, and easier to process and negotiate medical bills, share members’ large medical expenses, and encourage their participation in the overall health of the community. When dealing with a need, cost-sharing ensures that members do not have to face the uber medical complex alone.
Access to International Health Care
A big thing with medical cost-sharing is keeping members healthy and out of the doctor’s office unless it’s really necessary. To ensure each member receives the very best care available successfully and on-time, medical cost-sharing memberships also include services like 24-7 telemedicine and free second opinions whenever a member gets a complex medical diagnosis. This is available even if a member is on an international holiday. The medical phone call or video conference with a medical provider is a member benefit that is included at no extra cost to the sharing member. Any medical bills a member incurs while traveling are also eligible for sharing according to these member guidelines provided by Scoop Health.
When searching for a new approach to accessing and paying for your health care needs, this is an important factor to investigate, and if you find that it’s not what they include, you might consider another health insurance alternative.
Selecting the Right Answers for Your Medical Needs and Your Financial Bottom Line
Are you still looking for your medical solutions from people who make money selling health insurance? At Scoop Health, we believe that everyone deserves access to high-quality medical care and treatment without risking breaking the bank. Together with Sedera, we strive to bring individuals, business owners and their employees relief from large medical expenses by providing a fully transparent and affordable health insurance alternative. The medical cost-sharing process has only gotten stronger over the last 30 years and, today we are supported by a team bursting with first-hand experience and cost-sharing knowledge. We hope to help medical cost-sharing replace traditional health insurance for millions of healthy Americans.
So whether you are saving up to pay for catastrophic health care services or paying too much for health insurance that you can barely afford, we’d like to help. If you find yourself seeking genuine advice on your situation or the available alternatives give our team at Scoop Health a call today. Or visit our website and let us show you why we trust a health-conscious community, over a profit-driven health insurance company.