• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Health Insurance

Why insurers need to make it easier for people to use their benefits

by Matthew Upton
May 22, 2022
in Health Insurance
0
Why insurers need to make it easier for people to use their benefits
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Employees

Millions of Americans don’t have health insurance—28 million to be precise. But many millions more struggle to access the hard-earned benefits they do have, because those benefits are notoriously—and sometimes intentionally—difficult to use.

First Dollar just released the first round of results from our 2022 Healthcare Benefits Census, research that was conducted by Harris Poll. Harris surveyed 1,000 U.S. adults ages 18 and over who have healthcare insurance and have a flexible spending account (FSA) or health savings account (HSA).

Folks who actually use their benefits, not surprisingly, are happy. Benefit utilization and customer satisfaction (measured by NPS, or net promoter score) are tied at the hip. As for the folks who have a hard time using their benefits, or hardly use them at all? That group is very frustrated.

In particular, there is a clear gap between folks who understand their benefits and those who don’t. Members have a hard time keeping track of their benefits and knowing where to find the information about their benefits, or they simply don’t have the time to look into all of their benefits.

I’ve said it before and I’ll say it again: Most health insurance companies are doing the absolute minimum to educate customers and offer a streamlined solution. This is a huge problem for our industry and system, and if you’re looking to grab market share or make your plan more sticky, there’s no easier way to improve.

By the way, the average NPS score for health plans is 27. In particular, most people don’t like and won’t recommend HSAs, FSAs and other consumer-directed benefits. Negative associations with those products drive down overall customer satisfaction and retention significantly.

A survey by Maestro Health discovered that one-third of employees don’t understand their health benefits. There is a direct correlation between people being dissatisfied with their health plan overall and both having an understanding of the benefits they have and actually using their benefits.

Some companies even make more money when balances go unused or are lost. Annually, $30 billion is wasted on tax-advantaged accounts and supplementary benefits. In 2019, 44% of workers forfeited part or all of their FSA contributions. The average forfeiture was $339, and the median forfeiture was $157.

As an industry, we must do everything we can to help ensure the health and well-being of the people we serve.

People are looking for an intuitive, streamlined healthcare experience. When presented with a single-card solution that streamlined how they would pay for healthcare services, 84% of members said they would be at least somewhat likely to switch to a health plan that offered this solution.

This presents an incredible opportunity for modern, member-driven plans to drive benefit utilization, and in turn, NPS. Unfortunately, the kind of technology-first payments infrastructure needed to innovate in this arena has not materialized, until recently.

Behind most consumer-directed benefits lies a hodgepodge of legacy systems built for a different time. Whether you’re adapting existing plan designs or creating entirely new ones, anyone can sharpen their competitive advantage with software-defined benefits.

But driving benefit utilization to higher levels isn’t just good business, it’s also the right thing to do. Our members work incredibly hard to earn their benefits in the first place. We need to be working even harder for them.

[ad_2]

Source link

Previous Post

HNDL: Diversified Multi-Asset Class ETF, 7% Forward Distribution Yield

Next Post

Eagle Bancorp Montana: Unfavorable Risk-Reward; Wait And See

Next Post
Eagle Bancorp Montana: Unfavorable Risk-Reward; Wait And See

Eagle Bancorp Montana: Unfavorable Risk-Reward; Wait And See

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.