In this episode of Benefits TV, Andrew and Rosario discuss strategies for employers and employees to deal with increasing health insurance premiums and out-of-pocket costs. They talk about plan design changes like HRAs and HSAs, using telehealth, shopping for medications, and taking advantage of standalone providers.

Chapters:
0:00 - Introduction
0:44 - Increasing premiums and plan changes
3:04 - Communicating changes to employees
4:28 - HRAs vs. HSAs
6:47 - Bronze plans with HRA funding
10:00 - First year utilization with HRA plans
13:35 - ICRAs for out-of-state employees
15:59 - Saving money with standalone providers
19:10 - Using urgent care over ER
21:40 - Telehealth pros and cons
25:00 - Provider navigation services
26:58 - Wrap up

Show Notes:
- Average premium increases Andrew & Rosario are seeing: 10-15%
- Importance of communicating full cost of benefits to employees
- HRA plans can provide immediate funding vs HSAs that are funded over time
- First year of HRA plans often have low utilization as employees learn about new benefit
- ICRAs allow employers to reimburse out-of-state employees for individual plans
- Employees should shop pharmacies for best generic drug prices and pay cash if lower than copay
- Visiting standalone labs/clinics is usually cheaper than hospitals
- Urgent care is significantly cheaper than ER for non-emergencies
- Telehealth is convenient but some providers are mandating it, frustrating patients
- Provider navigation services can help negotiate medical bills and find cost-effective care


Contact us:
Andrew McNeil - [email protected]
Rosario Avila - [email protected]