Health savings accounts (HSAs) are powerful vehicles for helping consumers pay for healthcare expenses—in large part because of their associated triple tax benefit. Money is deposited pre-tax, can grow tax-free, and can be withdrawn tax-free to pay for qualifying healthcare expenses. Yet, despite these significant benefits, experts say HSAs are consistently underused. This underuse [...]
Healthcare pricing transparency is the gateway to consumer autonomy. If consumers know how much a procedure will cost, they can compare prices at different hospitals and under different health plans. If they can calculate their annual healthcare expenses, they can better plan their finances. However, healthcare pricing has been continuously obscured, even as costs [...]
“I feel this blanket of exhaustion settling on the nation,” says public health expert Dr. Elizabeth Coté, MD, MPH. We’re ten months into a global pandemic that has wreaked havoc not just on people’s health and wallets, but on their confidence in the healthcare system. People are fed up with an inconsistent and uncoordinated [...]
We have to make a lot of decisions based on best guesses. Choosing a health plan shouldn’t be one of them. Health insurance is one of the biggest financial and medical decisions consumers make every year. But often, people choose a plan based on what they’ve had in the past or what their colleagues [...]
By helping employees choose their best value health plan, employers can positively impact employees’ health and wallet. Two recent studies from Aflac and the TIAA Institute illustrate that this matters more this year than ever before because: Employees continuously choose the wrong health plan, which affects their long-term ability to save. Helping employees choose [...]
People don’t like choosing health insurance. Less than 10 percent of people change plans each year and the majority would rather do three hours of intense physical activity than examine their plan choices more closely. Now, that all needs to change – this year may be the most important open enrollment of our lifetime. [...]
Now, more than ever, health insurers and employers are feeling the pressure to do better on behalf of their constituents. By easing employee confusion, stress, and financial strain, insurers and employers can be invaluable allies during this crisis—and visionary leaders in a rapidly changing health care environment. Even before COVID-19, the inefficiencies inherent in [...]
We know… it sounds too good to be true. Consumers across the country are frustrated by the ever-increasing costs of health care, and employers are spending millions of dollars on health care plans that seem to only add to that frustration. Employees want better options; employers want to provide them; but no one is [...]
MyHealthMath, Inc. (MHM), developer of a unique decision support system that helps both employees and employers make more optimal health plan choices, announced today that they will be partnering with leading behavioral economists from the University of Chicago Booth School of Business to study these decisions and their long-term impact on healthcare expenses. [...]
