20th Century Concepts, 21st Century Health Care
From 1968 to 1998, health care spending has risen by almost $1 trillion dollars due to an aging population, increased use, defensive medicine, medical research, and advances in technology. Why not do for health care what we have done for every other market: shopping and making informed decisions about the providers of health care at the consumer level.
It seems ironic that we are just now talking about bringing the historic concepts of capitalism and competition to health care when they have been so successful in every other sector of our national economy for hundreds of years. This idea is the essence of the a consumer choice health plan such as Assurant Health’s Consumer Choice health insurance product.
“Consumer Choice products are a great way to look at tailoring a plan for your specific business,” says Mr. Moeller.
Consumer Choice Basic Principles
The first basic principle of Consumer Choice — and the primary way to lower your insurance costs — is moving your employees to qualified high deductible health insurance plans. Simply put, higher deductibles mean lower premiums. Yes, that can mean higher out-of-pocket costs for your employees. But, those costs can be covered with tax-advantaged* dollars contributed by the employee, the employer, or both, into Health Savings Accounts. Whoever contributes, the dollars in these Health Savings Accounts are ultimately controlled by the employee. And, that is where the savings can really be realized. When employees are in control of their health dollars, they will be motivated to seek out the wisest and most reasonably-priced health options. This will have the larger effect of eventually lowering health costs in general by creating competition in the marketplace.
* Please contact a professional tax advisor for tax advice.
Self Control
Consumer Choice gives employees more options and takes the decision-making process out of the hands of the insurance companies and managed care organizations. And, because the first money spent is not covered by the insurance plan, employees, their family, and their doctor will discuss all options and make a decision that is in the best health and financial interests of the employee. Consumers are more engaged in the process and will finally learn what their health care options really cost. The health care purchase decision will be made just like all other purchase decisions are made by the employee.
This type of competitive pressure on medical costs is what has been lacking in the health care industry and how you can be part of the solution.
“I sat down with my employees, we put a plan together, they bought into the plan, their premium rates went down substantially, as did ours, so it was a real win-win situation,” Mark Moeller recounts.
Employees can make their own decisions, can profit when they avoid waste and inefficiency, and save money. When employees economize on health care, they are the beneficiaries of that economizing.
“My employees are much more in tune with health care costs,” adds Mr. Moeller. “Our Assurant Health agent came to us with a whole list of things to review and talk about and helped us look at different scenarios. I have no regrets of switching R. F. Moeller Jeweler to a Consumer Choice health insurance plan.”
Continue to Blaze Trails
We are on the verge of a complete shift in the entire medical marketplace. This is your opportunity to be in front of your competition. Like Mark Moeller, you take initiative, you are a trailblazer. Merely owning your own business proves it. Now is the time to take another step forward and provide the option for consumer choice health care and Health Savings Accounts to your employees.
With a Consumer Choice plan from Assurant Health your employees get solid, reliable health insurance and you get more affordable premiums. Contact Assurant Health to discuss how you can benefit from a plan today.