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November 1, 2021

Healthcare transparency: Pulling back the curtain on medical costs

Dwayne Henderson

The rising cost of healthcare and recent increased medical risks are leading to confusion, frustration, and stress around medical care. As many employees feel that they’re alone in navigating their healthcare choices, there’s never been a more important time to educate and support your workforce. The marketplace of benefits can be overwhelming, to say the least, but it doesn’t have to be. A reality where members are equipped with the resources to make educated decisions and control the narrative of their own pockets is within reach.

Medical cost transparency                                                                              

According to a 2020 Policygenius survey, around one in four Americans avoided care because they didn’t know what their health insurance plan covered. A shopper wouldn’t consider purchasing a car or a house without knowing how much it will cost, so why should patients be expected to commit to a procedure or treatment without first understanding the cost?

New health plans are focusing on price transparency to remove cost ambiguity and make it easier for people to understand their medical costs before receiving services. Members can search for doctors or by a specific condition to see what their options are, what’s covered by their plan, and what the prices are for certain treatments. This transparency removes surprise bills and decreases the stress around making medical appointments, which results in more proactive treatments, higher-value care, and overall healthier employees.

A more personalized health plan

Employers are taking advantage of personalized, higher savings plans to give the power of healthcare back to their employees through increased choice, flexibility and cost clarity. To learn more about which healthcare options are the best fit for your organization, reach out to your local MMA office.