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how can employers reduce healthcare costs

How Can Employers Reduce Healthcare Costs?

Healthcare is a benefit which is extended by the

employers, but rising costs have set the alarm bells

ringing. Researchers suggest that these costs are set to

rise in the coming years. To keep the costs under control,

most employers are turning to other methods to reduce

costs (taking services of healthcare cost reduction

company) and ensure that their employees have sufficient

coverage.

here are some ways

Here are some ways:

Level-Funding

Traditionally the employers have been buying fully

insured plans from the insuring companies. In this, the

employers agree to pay a certain amount of money

towards healthcare costs for a worker often termed as

PEPM (per employee per month) arrangement. On the

other hand, some employers cover the healthcare costs as

they occur in which the risk lies with them. But

significant reduction in costs is observed with level-

funding in which the employer set-ups a self-funded plan.

But instead of paying on as need basic, they bill it on

PEPM schedule. The benefits are tax exemptions and

lower premium costs.

Making Changes in Prescription Drug Plans

The price of prescription drugs is set to rise in future and

to make that it is not affecting the employer's profits they

are motivating the use of the generic drugs instead of

branded ones. They are also asking employees to seek

approval before filling in a prescription. The employers

are also resorting to cost-sharing plans so that employees

share the price of the top ticket drugs employers

share the price of the top-ticket drugs. Employers are

working with pharma companies to get better terms for

drug contracts.

Promoting Employee Wellness

More and more employers are organizing fitness

campaigns to keep their herd fit and fine. Many of them

are opting for wellness initiatives.

In The End

These are only some of the ways, but the professional at

the healthcare cost reduction company is better

equipped to slash your rising health costs.