As a benefit agent, you’ve got your hands full this year: a global pandemic, remote work, reaching your audience virtually, and the looming season of open enrollment. Keeping up with the newest hot topic in the industry shouldn’t be additional stress! We at GRA Benefits Group are constantly taking note of the changes in the industry so we can be a resource for you. We do more than provide customized services: we have our fingers on the pulse of the industry. Our goal is to support you in every way, from superior technology and services to offering insight into industry news.
We’re focused on saving you time in the ways that count so that you can focus on hot topics that are important for benefit agents. The word you should know this year? Transparency.
Healthcare is one of the only services where the costs are vague and confusing. Neither the buyer nor seller is aware of the cost involved for specific services, and the final bill can vary significantly from what users may anticipate. Though deductibles and out-of-pocket limits are more defined, what is covered, and how much is often impossible to predict. The frustration of planning for medical bills or procedures has led to meaningful change in the industry as users have demanded transparency. Advocates have arrived in the form of third-party vendors, apps, and even insurance carriers. As cost transparency providers, they provide the end-user with the actual cost of a plan (even factoring in how their specific plan will pay). It allows members to see each cost piece by piece so that there are minimal surprises when the final bill arrives.
Transparency in healthcare has been addressed at the federal government level as well. In 2019, President Trump explained: “To make fully informed decisions about their healthcare, patients must know the price and quality of a good or service in advance. With the predominant role that third-party payers and government programs play in the American healthcare system, however, patients often lack both access to useful price and quality information and the incentives to find low-cost, high-quality care.” Executive orders were issued to combat this problem and release the true numbers of healthcare costs. Health insurance carriers are actively placing a stronger emphasis on cost transparency as a result. 2020 has seen these changes becoming more prevalent, though there’s a long way to go to fully address and detail every potential service cost within the industry.
As researcher Brian Blase explained, health care price transparency should have four key benefits:
- Better-informed consumers and patients
- Better-informed employers that help workers shop for value
- Improved ability for employers to monitor insurer effectiveness and eliminate counterproductive middlemen
- Public pressure on high-cost providers
A massive 88% of Americans believe that the government should require hospitals and insurers to disclose prices, and their voice was finally heard. The verdict was clear: transparency is key for the country’s healthcare system. Since then, there has been a move to empower patients with information. Researchers, innovators, and providers have received access to data that was formerly hidden. With the new information, they are rolling out tools, websites, and applications that directly provide patients with more information about healthcare prices and quality. Online directory tools are rapidly being developed for easier search capabilities, comparisons, and even provider selection. Prescription pricing data is being requested as well, so drug costs are apparent to physicians and healthcare workers before prescribing them to patients. Top insurance providers are scrambling to adhere both to new laws and member demands for transparency and truth.
While hospitals and vendors work to refine pricing access and availability, benefit agents must follow suit. There’s no such thing as too much information when clients are anxious about every detail and want to be able to find everything quickly and efficiently. Clarity will be essential in the business arrangement between each party. Having the answers, documentation, and a deep understanding of the offerings will be a deciding factor in who clients decide to use as their agent. Transparency in every aspect is a chief component to transform and personalize each client’s experience. The right healthcare option will be weighed on more than a monthly cost, but accessibility to the tools that advocate on the patient’s behalf and are financially comprehensible.
As you stay in tune with the hot topics in the insurance industry, we are here to provide you with all of the benefit administration support that you need. Our cost-effective services are designed to make your job faster and easier so you have more opportunities to recruit new clients. For superior technology and online benefit tools, we’ve got you covered. Save time in the ways that matter through our full-service solutions, so you can focus on providing that exceptional service.
Stay tuned to our industry recommendations and hot topic expertise relevant to your agency. Learn more about our monthly webinars and product offerings by connecting with our team today.
