2021: What’s to come regarding employer offered health insurance costs and premiums?
As employers scramble finalize the details regarding benefits for their employees, the cost of health care coverage is projected to raise approximately $15,500.00 per subscriber. In short, premiums are increasing to cover the costs of COVID-19 and the impact it has had for healthcare. Even though it is set to increase, luckily for those who get their insurance through their employer shoulder expect it to raise too much. Even the smaller to medium sized business employers pay the majority of healthcare.
Deductibles on these employer plans tend to be high – about $1,500.00 or so – but even with the high deductible, employers tend to offer a health savings account (HAS) to help cover unexpected costs; or even HRA (health reimbursement accounts) to help offset the cost by either deductible or out-of-pocket costs.
Another thing employers’ are trying to get their company healthcare to expand upon is telehealth/virtual care. Since the pandemic, the use of telehealth has been used exponentially. From mental health to a chat about allergies, telehealth is being used in lieu of a doctor’s visit. As healthcare insurances race to get more areas of telehealth covered for use, employers are lobbying for the benefit for their employees.
Mental health being the main focus of employers, they have been offering more of these services through the insurance provided. However, there has been a shortage of mental health providers resulting in longer wait times to be seen. Even understanding this, employers are wanting to expand the mental health services by 43% and is the second top initiative for 2021.
Even with all of this going on, employers are also creating a tool to help their employees understand their healthcare insurance and how to make the most of it. With 2021 just a few weeks around the corner, already for health insurance, it’s looking like an excellent year.