Situation and Complication
Health care premiums are expected to rise 10% – 15% in 2023* – a significant jump from the historical 5% – 8% annual increases tracked by The Kaiser Family Foundation. This is due in part to Covid-19 and the deferment of care during the pandemic. As consumers catch up on missed screenings, treatments, and routine follow-up visits, providers and payors are bracing for sicker patients due to this disruption. It is early in the plan year and increasing medical claims combined with escalating costs are already stressing health plan budgets.
Solution
Self-funded employers should move quickly to deploy in-year solutions to address waste and optimize care. Your data can reveal how employees use the plan, identify gaps in care, and find higher-quality lower-cost health care options when the need arises.
Wellnecity Example
Our clients are experiencing significant increases in plan utilization, e.g., inpatient utilization increases range from 11% – 36%. Wellnecity actively manages clients’ health benefits with data-driven insights that can reduce spend up to 30% without sacrificing employee benefits.
*Bob Herman April, et al. “’Completely Unsustainable’: Small Employers Brace for Giant Health Insurance Price Hikes.” STAT, 13 Apr. 2022, https://www.statnews.com/2022/04/14/small-employers-brace-health-insurance-price-hikes/.