LIFE SETTLEMENTS VISION
TRANSPARENCY IN HOW TO OVERCOME FOUR COMMON PAIN POINTS BY JESSECA OSCAR
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s head of Human Resources for an organization that is in the business of healthcare benefits, I see every day how important healthcare transparency is for employees. I expect it will become an even bigger topic since President Trump signed an executive order in June 2019, directing hospitals to tell patients upfront what they can expect to pay for treatment. That’s a major move in transparency. Healthcare and insurance companies have a lot of work ahead to implement this mandate. In the meantime, I think we can expect even more discussions on what transparency means for employers offering group benefits, and the employees with those benefits. Fortunately, one of those discussions should be simple. Vision benefit companies are making significant strides in transparency (pun intended!) to make vision an understandable health benefit – one that encourages employee use and drives member satisfaction. That’s certainly good news, but you may be wondering what transparency in vision benefits looks like – and why it matters.
32 | CALIFORNIA BROKER
Why health benefit transparency matters The key to using benefits is understanding them. And understanding benefits starts with clear, concise communication. But, research shows that doesn’t happen as often as it should. Approximately one half of all employees don’t understand their benefit materials, and only 4% of Americans can define basic benefit terms like “copay,” “deductibles” and “coinsurance.” As Hub International’s Employee Benefits Barometer 2018 report points out, employers’ number two benefit priority after managing costs is helping “employees make more informed decisions when it comes to choosing and using their benefits.” With an ancillary benefit like vision, understanding and transparency may matter even more because most employees are making a conscious choice to add vision to their benefit package, often paying the entire cost of the benefit. Using vision benefits can result in significant savings compared to retail prices on eye exams, eyewear, lenses and more, but those vision purchases generally have out-of-pocket
- CalBrokerMag.com -
FEBRUARY 2020
