Rise in health insurance premium(s) is consuming large portion of employer's budget
Employers are passing cost to employees in form of high deductible plans which impacts up to 43% of employees for delayed/ skipped tests, treatments & prescriptions
Average annual health insurance premium in US is $28k for a family which is an equivalent to paying a mortgage
Historically health insurance was always meant as a risk instrument to hedge against any
catastrophic health event such as accident, medical emergency or diagnosed with critical
disease. But today people buy due to fear.
With average employee tenure of 4 yrs and as workforce culture is changing (freelancing, contract) the average usage of health insurance for catastrophic health events has been less than 5% by employees. Which begs several questions: Should employer offer health insurance to all employees? With rising high cost of group health insurance premium, is there any significant utilization for catastrophic health events?
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It connects patients directly with healthcare providers with no middleman involved and makes patients in charge to compare and shop for healthcare services based on cost, breakdown of services, type of facilities & amenities and with metrics which provides transparency in quality outcomes.