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5 Ways to Cut Medical Costs

A study last year by The Commonwealth Fund found that more than one-third of Americans go without recommended care, do not see a doctor when sick or fail to fill prescriptions in an effort to save money – all of which may be detrimental to their health. However, there are ways to cut medical costs without compromising quality or your health.

1.) Use a flexible spending account or health savings account. Depending on the type of insurance plan you have, you may be able to sign up for a flexible spending account or health savings account. Both allow you to put tax-deductible dollars into an account that can be used for out-of-pocket medical expenses such as copayments, deductibles and prescription medications. HSA funds roll over year-to-year, while FSA funds must be used by the end of the designated year or else you lose them. Both options can offer significant savings when it comes to tax time, especially if you use many health services, because contributions to these accounts lower your taxable income.

Read the full article here.

 

WebMD Interviews President Obama

Web MD asked readers — what questions they had for the President about the Affordable Care Act. Watch the exclusive interview to find out what the President said about the new health care law.

Watch the full interview here.

In U.S., 66% Satisfied Health System Works for Them

Two-thirds of Americans are satisfied with the way the healthcare system is working for them today. Health insurance status is a major determinant of this satisfaction, but even one-third of those who don’t have health insurance still say they are satisfied.

This question was asked during March 10-15 interviewing as a basic summary indicator of how well the healthcare system is working for individual Americans.

Healthcare insurance status is the most important dividing factor in Americans’ perceptions of how the healthcare system is working for them, although by no means is having insurance a perfect determinant of their satisfaction. Seventy-two percent of those with health insurance say they are satisfied with the system, leaving about one-quarter who are not. And one-third of those who do not have health insurance still say they are satisfied.

As with any summary question, it is impossible to measure exactly what Americans take into account when they answer. However, research conducted in last November’s Gallup Poll Social Series survey on healthcare showed broadly similar results when Americans were asked three questions involving access to healthcare, and the cost and quality of their own healthcare. Overall, 79% rated the quality of healthcare they received as excellent or good, 69% rated their personal healthcare coverage as excellent or good, and 59% were satisfied with the total cost they paid for healthcare.

Read the full report here.

Contact Steven Cosby with questions or to request more information and to schedule a healthcare plan evaluation, savings analysis or group plan solution for your company.

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Employers to Pay PPACA Reinsurance Fee in Two Installments

Despite heavy criticism of the subsidization of Obamacare by employers, the feds are sticking to their guns. However, they are also willing to fire fewer bullets in recognition of the burden the health care law’s reinsurance fee places on business.

In final rules outlining an employer’s obligations with respect to the fee, the Department of Health and Human Services established specific fees for the first two years of the three-year program. It also agreed to allow employers to pay the fee in two payments, to lessen the financial hit companies would take at the start of a new year.

As outlined in the Patient Protection and Affordable Care Act, the fees are intended to generate $25 billion to be used to partially reimburse carriers writing policies in public exchanges for individuals with high health care costs.

HHS set the first-year fee at $63 per plan participant, with a step down to $44 per in the second year. No fee has been set for the third year, 2016. The news here is the reaffirmation of HHS’s $44 proposed 2015 fee.

Of perhaps larger import to employers is the bifurcation of the payments. HHS’s ponderings of the payment schedule led it to determine that it would require a first, and larger, payment at the beginning of each fee program year. That payment will represent the employer’s reinsurance payments and administrative expenses. A second payment, of monies earmarked for the U.S. Treasury, will be required to be made late in the year.

“The second installment covers the portion of the reinsurance contribution amount allocated to the payments for the U.S. Treasury to be paid for a benefit year,” HHS said in announcing the two-part payment plan. “In the fourth quarter of the calendar year following the applicable benefit year, HHS would notify the contributing entity of the portion of the reinsurance contribution amount allocated for payments to the U.S. Treasury for the applicable benefit year. … A contributing entity would remit this amount within 30 days after the date of this second notification.”

Read the full report here.

Contact Steven Cosby with questions or to request more information and to schedule a healthcare plan evaluation, savings analysis or group plan solution for your company.

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Employer-Sponsored Health Insurance: Trends in Cost and Access

This report briefly summarizes findings from the Medical Expenditure Panel Survey (MEPS) on employer-sponsored insurance that have resulted from the Agency for Healthcare Research and Quality (AHRQ)-funded research conducted to date.

For decades, Federal and State policymakers have sought ways to offer affordable health insurance coverage, but this goal has been elusive. The number of uninsured remains high and costs for health care insurance keep growing, even though legislation has been enacted and regulatory changes have been made that affect both public and private programs.

The U.S. employer-based health insurance market provides insurance coverage to nearly two-thirds of the population under 65. In addition, nearly 80 percent of the uninsured live in a family where at least one adult is employed. Therefore, building on these programs might be an attractive component of any solution. But it is essential to have sound, evidence-based information about that system to make informed decisions.

This Research in Action is intended to answer questions that might arise during discussions about options. Based on data obtained by the Federal Agency for Healthcare Research and Quality (AHRQ) in the Medical Expenditure Panel Survey (MEPS), an ongoing series of annual surveys, it answers the questions:

  • What are the recent trends in offer, eligibility, and enrollment rates?
  • What impact does firm size have on whether or not employers offer health insurance?
  • What factors affect whether employees enroll in insurance programs?
  • Who is less likely to have employer-sponsored insurance?

Read the full report here.

Contact Steven Cosby with questions or to request more information and to schedule a healthcare plan evaluation, savings analysis or group plan solution for your company.

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