What is the Real Cost of Benefits for Your Employees?
7 Minutes
Team Curative
Jan 4, 2023
With or without employer sponsored insurance, the price of health care in the United States is overwhelmingly expensive for many Americans and their families. Despite this, health insurance plans are failing to address the systemic defects in the industry that continuously set Americans back, both in terms of finances as well as physical and emotional well-being. From lackluster benefits to soaring deductibles, numerous employer sponsored health insurance options ignore the concerns of the very people they’re serving: your employees.
While the U.S. health care system certainly has its flaws, Curative seeks to be the innovative health insurance Texas deserves. We believe that the health insurance employers pay for should actually cover the care your employees receive, which is why we created the Curative Health Plan.
Cost of Benefits
Though they might seem minuscule at a glance, the real cost of benefits for your employees is higher than what you may expect. According to the Bureau of Labor Statistics, as of March 2022, benefits make up more than 30 percent of the typical job’s compensation. The significant, and oftentimes unexpected, cost of benefits might cause employers to forgo health insurance plans that include benefits employees deem important. Thus, employees may choose to opt out of employer sponsored health insurance and subsequent benefits.
For example, 73 percent of civilian workers had access to medical care benefits. Yet, only 50 percent of them participated in the benefits. Similarly, 70 percent of workers in private industry occupations had access to health care benefits while just 47 percent participated in those benefits.
Employees who put off receiving care may see short-term savings, but eventually, may experience far greater spending in the long run. But no-cost deductibles don’t just benefit your employees; they benefit your business too. Historically, large employers who opt for health insurance plans with higher deductibles drive a cost saving in the first year but face higher costs in later years due to a lack of early engagement in preventive health.
Curative’s Health Plan is a new kind of health insurance. We offer a first-of-its-kind plan with benefits specifically focused on preventive health. With zero deductibles and copays and a wide range of benefits, your employees will love using our Health Plan:
Annual deductible – $0
Coinsurance – 0 percent
Annual out-of-pocket maximum – $0
Office/virtual visit (family practice, internal medicine, OB/GYN, pediatrics) – $0
Specialist office/virtual visit – $0
Telemedicine (urgent care with a 24/7/365 on-demand doctor visit) – $0
Urgent care, emergency room, and hospital physicians – $0
Outpatient/inpatient surgery – $0
When employees spend unnecessary income on meeting their deductible, they’re not spending their money in places they actually want to. At Curative, we value how much work your employees put into their jobs. We believe they deserve a transparent, next-generation, employer sponsored health insurance plan that has them covered no matter what.
According to the Kaiser Family Foundation, the average annual deductible for a single-person household is $2,004. The cost nearly doubles for a family household at $3,868, causing many people to delay or forgo proper care altogether. Moreover, high copays for prescription drugs deter many Americans from filling their prescriptions at the pharmacy. In fact, 1.3 million Medicare-covered prescription fills are delayed every year due to copay costs. In total, the average annual premium cost for an employee is $3,331.
But at Curative, we don’t settle for average. Our $0 deductible, $0 copay Health Plan is unmatched. That’s because we compared average competitor costs to bring you the best possible employee sponsored health insurance plan for your business. There are no hidden costs, hurdles, or hoops for you or your employees. Our Health Plan prioritizes cost transparency so that members know exactly what they’ll pay before they step foot in the doctor’s office.
We know shopping for the right employer sponsored health insurance can be tricky. Curative makes it simple. We offer the best coverage for health insurance in Texas at the lowest price with competitive benefits that your employees will love. With Curative, your employees will feel confident using a health plan that has their health and well-being in mind.
Just as your employees are committed to their jobs, we’re committed to ours: Curative is bringing common sense to health care.
Value in Recruitment and Retention
Building an engaging, resilient, and encouraging workplace environment for employees starts with a comprehensive health insurance plan with benefits that give people greater control of their health and well-being.
Prioritizing a health insurance plan that includes relevant employee benefits is critical to improving retention rates and successfully recruiting top talent. In fact, 56 percent of adults in the US with employer sponsored health insurance reported that their coverage was a decisive factor when deciding whether to stay with their current employer or search for a new job. There are four key drivers of satisfaction among employees when considering a health care insurance plan:
Comprehensive, affordable coverage
Choice of providers
Consistency
Free preventive services
On the other hand, drivers of dissatisfaction among employees shopping for health insurance plans include:
High costs
Inadequate coverage for needed services and prescriptions
Out-of-network costs and network shortfalls
Confusing terminology
Lack of provider choices
At Curative, we didn’t just take employee concerns into consideration when developing our Health Plan; we used employee feedback to build it. Our people-first, employer-based health insurance plan addresses staggering deficiencies in the health care system to help you foster a resilient workforce. When you partner with Curative, your employees receive transparent, next-generation health care that they’ll love to use. Our benefits include:
One premium, like any other subscription.
A holistic approach to health that includes a Baseline Visit for a personal, preventive wellness experience.
High-quality preferred provider network with local and national options.
Exceptional member-centric experience, including access to Curative Commons health and wellness center in downtown Austin.
*Curative members are eligible for no copays and no deductibles if they complete a Baseline Visit within 120 days of their enrollment.
Choosing the Curative Health Plan shows your employees that you value their talent and their health journey, increasing employee presenteeism and productivity. Similar to offering your employees a higher starting salary or a raise, our vast array of innovative benefits in the Curative Health Plan puts your employees first. Because at Curative, we believe in care, not costs.
Learn more about why Curative’s Health Plan is the best choice for employer sponsored health insurance at https://curative.com/for-employers.
Sources:
2020 Employer Health Benefits Survey. Kaiser Family Foundation. (2020, October 8). Retrieved Jan 1, 2023
Average annual deductible per enrolled employee in employer-based health insurance for single and Family Coverage. Kaiser Family Foundation. (2022, September 16). Retrieved December 21, 2022
Employee benefits in the United States - march 2022 - bureau of labor ... (n.d.). Retrieved December 21, 2022
Freedman, M. (2022, November 21). Health insurance: employer and employee costs in 2022. Business.
Gross, T. (2022, October 14). To encourage patients to fill prescriptions, fix copays. Harvard Business Review.
