Affordability for Health Plan Members
In a survey of US households, people reported health care expenses as the top challenge for their budgets. Almost 50% of insured adults say “difficulty affording out of pocket costs not covered by their insurance.”
According to the Kaiser Family Foundations’ annual survey for 2021, family health coverage premiums now average $22,221, with workers spending almost six thousand dollars. The average deductible increased 92% from 2011 – 2021 to nearly seventeen hundred dollars. With the increased use of high deductible health plans, especially in groups with over 200 members (>30% of all large group members), many employees have an average deductible of almost $2400.
Regenexx has performed, as a network, well over 100,000 procedures since 2005 for people who could afford to choose our service. We have been an option this entire time for those who could afford to pay. We have been an option for professional athletes whose pictures adorn the walls at our Colorado headquarters. Since we started our program for self-funded groups in 2015, our north star has been to make this an option in care for people who otherwise wouldn’t have been able to afford it.
When Regenexx is in place, we also create affordability for members. Our average procedure cost was around $6000 in 2021, and when you consider deductibles and coinsurance on a $30,000 surgery, our cost savings solution helps pass on affordability to members.
When is the best time to add Regenexx?
More than 60% of Regenexx clients added coverage between February and December. We are always talking to groups that are so used to making changes on an annual basis that they overlook the benefit of adding a new benefit during the year.
Benefits of adding during the year
- If you have made the fully informed decision to add a new benefit, why not give it to employees now. Delays only mean more people will have healthcare services without the new option.
- Open enrollment can be overwhelming for employees as they try to understand all of the plan changes. Adjusting during the years helps employees understand a new benefit outside of all the decisions they face during open enrollment.
- Open enrollment can be overwhelming for internal HR teams and consultants as well!