More Companies Increased Contributions to Help Employees Pay Premiums

HelathCareMoney

Companies are more likely to have added or increased contributions to their employees’ premiums this year compared to the last two years, according to a study by the Transamerica Center for Health Studies (TCHS). The study of 1,500 employers was conducted by the Harris Poll from August 14 to September 3. Forty-four percent of companies expect their healthcare costs to increase in the next 24 to 36 months.

Most employers are trying to keep constant their contribution to employees’ premiums (57%), deductibles (60%), and co-pays/coinsurance (58%). Thirty percent want to maximize their contributions to employees’ premiums to help manage health insurance costs. TCHS Executive Director Hector De La Torre said, “The anticipated increase in healthcare costs correlates to improved quality for many employers.” Forty percent expect the quality of health insurance they offer employees to improve in the next 12 to 36 months while only 10% expect the quality to decline. Companies are most concerned about managing healthcare costs related to cancer (71%), drug expenses (69%), and diabetes and obesity (68%).

Sixty-one percent of employers offer wellness programs. Forty-nine percent of employers that have had a wellness program in the past 12 months say that saving money was the motivation. Eighty-two percent of companies say their wellness program improved workers’ health; 80% say it improved productivity and performance, and 71% say it reduced healthcare costs. De La Torre said, “Providing the best healthcare benefit package possible remains the top healthcare-related priority for employers. Interestingly, employers that offer healthcare benefits are more likely to anticipate profitability, hiring and wage increases in the next two years.”

Customers Can Now Pay Their Plan Premiums at the CVS/pharmacy

Members of participating health plans can bring their insurance bills to any one of CVS/pharmacy’s 7,600 stores to pay their premiums at no additional cost. CVS/pharmacy is the first national retail pharmacy to offer this service. CVS will simply scan the barcode and collect the member’s desired payment, which may be made using cash, credit card or debit card. Bill Pay at CVS/pharmacy will launch later this spring. CVS/pharmacy also accepts insurance bill payments from members of health plans that are enrolled in MoneyGram’s bill payment service. Most CVS/pharmacy locations are equipped with MoneyGram phones or kiosks to facilitate a cash-only bill payment at a store’s front checkout. For more information, visit http://info.cvscaremark.com.

Last Updated 01/19/2022

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