A key component of the Health Rosetta strategy is transparent advisor relationships. This week, legislation was introduced by the Senate HELP committee with Chair Lamar Alexander (R-TN) and ranking Democrat Patty Murray (WA) that, among other things, will require brokers & consultants to disclose all their sources of compensation.
This recent piece in ProPublica is the most important piece ever written on benefits. Not surprisingly, all 10 of the top benefits consultancies nationwide either declined to comment or didn’t respond.
The Curtain has been pulled back on brokers taking financial incentives from insurers. As a Health Rosetta certified advisor, pieces like this from Marshall Allen at ProPublica (in conjunction with NPR) are critical to build a more transparent healthcare system: https://www.propublica.org/article/health-insurance-brokers-cost-commissions-bonuses.
The Washington Post published one of the most perceptive op-eds on Labor Day that I’ve seen in a while re: the alarming impact that healthcare costs are having on employer wages: Where Did Our Raises Go? To Healthcare. Likely not new information - although, the way it’s presented will have every executive re-thinking their renewal strategy.
Two of the main take-aways:
1. Money once reserved for wage increases is now diverted to pay for employer-provided health insurance. A new study provides stunning estimates: For the bottom 60 percent of U.S. workers, wage gains have been completely wiped out by contributions for employer-provided health insurance.
2. For the bottom 50% of workers, employers’ health insurance contributions averaged 30 to 35% of companies’ total compensation packages. Companies also increased the premiums that workers themselves must pay to get coverage. From 1999 to 2015, worker premiums for a family plan more than doubled in inflation-adjusted dollars, from about $2,000 annually to almost $5,000.
All is not lost:
The Health Rosetta provides the blueprint for wise healthcare purchasing. They've uncovered the path to reduce costs drastically while improving benefits and health outcomes.
We encourage you to join us on October 11, 2018 to hear from experts across the healthcare ecosystem providing actionable insights and strategies to implement the Health Rosetta principles. Check out our all-star line-up:
- Dutch Rojas - CEO & Founder: Sano Surgery
- Al Lewis - Co-Founder & CEO: Quizzify
- Cheryl Kellond - Co-Founder & CEO: Apostrophe Health
- Robb Hicks, MD - Primary Care Physician & Founder: Direct Patient Care STL
- Curits Colbert - Principal, Simplified Insurance
A health savings account, or HSA, can be a great strategy to reduce your health insurance expenses. As a refresher, an HSA is a tax-advantaged savings account that belongs to you. It is always paired with a qualified high-deductible health plan (HDHP) and unlike a traditional health plan an HSA/HDHP has a lower premium. Thus, you can put the premium savings into your HSA for maximum impact and that money in your HSA remains yours. It is often noted that an HSA offers a triple-tax savings: The money you put into your account is never taxed, your account and investment earnings grow tax-free, and you can withdraw your money tax-free as long as you use it for qualified medical expenses. The problem with most HSAs is that very little education exists to help participants maximize their investment. Here are six little-known tips & tricks for maximizing your HSA.