While media attention has focused on government-sponsored health coverage, credible studies raise systemic questions about employer sponsored health benefits.
Increasingly, these studies suggest that model breakthroughs such as the Hixme’s, which integrate financial services with health insurance in new and creative ways, may well represent the future.
Hixme’s innovative Hixme Health Bundle™ , structured with unique, on-demand safety-net financial features, support workers health and financial well being far better than insurance based employer benefit programs alone.
Overcome by out-of-pocket cost increases
A new TransUnion Healthcare analysis in March 2018 revealed that patients experienced an 11% increase in average out-of-pocket costs during 2017, rising from $1,630 in Q4 2016 to $1,813 in Q4 2017.
– 49% of patient out-of-pocket costs per healthcare visit were below $500
– 39% were $501-$1,000
– 12% were more than $1,000
“Increasing healthcare costs and patient responsibility is a continuing trend that does not seem to be slowing anytime in the near future,” said Jonathan Wiik, principal of healthcare strategy at TransUnion Healthcare. “Given the increased payment responsibility, being able to determine a patients’ ability to pay is increasingly important …”
Wiik is the author of a new book, “Healthcare Revolution: The Patient Is the New Payer.” The book explores how the financing and delivery of healthcare has been impacted by major shifts in coverage, payments and legislation.
Hixme recognized the need to create hybrid employer offerings that would integrate core health benefits with on-demand safety-net coverages. It’s local Bundle’s solutions better address those health care costs under $1,000 in a year, using very creative financial features that convert those out of pocket expenses into a small increase in worker price share, deducted from payroll over many months.
Unexpected health care costs knock out most household budgets
- A 2016 Federal Reserve Economic Report of household income found 35% of adults would be unable to make all of their other bill payments in full if faced with a $400 emergency.
- Demonstrating this fact, many hospitals have implemented financing plans and financial education to help patients pay their bills.
- The National Center for Health Statistics reported that 43% of people under 65 who are insured by a private health insurance plan have a “high deductible.”
- A recent HealthFirst Financial Patient Survey found:
- More than 40% of respondentswere “very concerned” or “concerned” about whether they could pay out-of-pocket medical bills over the next two years.
- That included 16% who said they were worried about paying a bill less than $250.
- 77% of healthcare consumers say it’s important or very important to know costs before treatment and 53% want to discuss financing options before care.
- Only 18% of the 1,011 Americans surveyed said their healthcare providers spoke to them about patient financial options in the last two years.
- This is an especially important issue for millennials – 40% said they would be very likely or likely to switch providers if a competitor offered low- or zero-interest financing for medical bills.
Hixme addresses financial health
Hixme was created specifically to address these prominent trends. We predicted a need for employer hybrid offerings that would integrate core health benefits with on-demand safety-net coverages that include a variety of financial components.
Our predictions are proving accurate. And our employer clients see the value of offering each worker and each family member personal coverage that better fits their needs and supports their financial health due to the hybrid nature of the offering.
Each Hixme Health Bundle includes building blocks that perfectly supplement a core health insurance policy to better-fit worker needs and budget – predictable AND unpredictable.
Bundles work by integrating core health plans with a variety of other coverages to help deal with the risk of unexpected medical events.
Hixme Health Bundles accomplish all this with additional insurances, negotiated discounts on larger remaining balances and payroll based pricing that flexes with actual needs.
In total the Hixme Bundle reduces the risk of unpredictable health care occurrences in a more affordable package than traditional group coverage.
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