Health care reform protects your employees from runaway health care costs with government-regulated limits, right? The answer is yes, but it comes with a surprising caveat: Out-of-pocket limits are restricted to only those costs for essential health benefits covered under an individual’s health plan.1 That means patients can rack up bills for procedures, treatments or prescriptions not covered under their plan or outside their network. These costs won’t count toward their out-of-pocket limit but will directly affect their wallets.
Educate your employees about unexpected medical bills by explaining:“Covered” doesn’t mean “paid in full.” In insurance lingo, it actually means that deductibles, copayments or coinsurance for the procedure will count toward their out-of-pocket limit. Incremental health insurance costs may incur throughout the year, not just up front. Forty-six percent of workers say the amount of monthly premium or the coinsurance they have to pay for health care services is the most important factor when choosing their major medical insurance each year.2 That’s why having voluntary insurance can be fundamental in helping many employees pay for unexpected costs. And voluntary insurance pays even if a procedure isn’t covered under an individual’s major medical plan.
Taking steps now can help employees prevent … Read more >