How Benefit Advisors Can Help Workers Avoid Medical Debt and Bankruptcy | EBA – News on employee benefits | Vette Leader

Bankruptcy? What the heck is bankruptcy?

That’s what went through my mind when my parents sat me down at age 17 and told me they had just filed for bankruptcy because my dad’s medical bills were too high.

“But you both have jobs. you both have Health insurance. How could that happen?”

As a teenager I was so confused. Both my parents worked and had health insurance. How could that happen? My thoughts circled: what will i say to my friends What about baseball camp? Summer? How about a limousine for the prom?

In retrospect, it was all trivial. I can’t even imagine how embarrassed, embarrassed and heartbroken my parents were that day at having to tell me, even though they had to admit it wholeheartedly financial defeat.

in a (n Article I wrote for EBN In April, I explained that a single drug called Revlimid was at the root of my parents’ financial problems. My father had multiple myeloma, cancer of the bone marrow, and this was the drug doctors gave him to keep it in check. My parents were financially ruined trying to keep him alive.

Continue reading:How data can bring clarity to health plan management

Your experience is not unique. We all know that drug-versus-food choices are a reality for far too many Americans. With what I now know, most of these painful scenarios can be avoided.

There are manufacturer/patient assistance programs (commonly referred to as MAPs or PAPs) to prevent some of these harsh financial consequences. Today, Revlimid has one that a significant number of Americans would qualify for.

For example, the MAP of a drug has the following criteria:

  1. You must be a US citizen.
  2. You may not participate in any other government-sponsored healthcare program (e.g., Medicare or Medicaid).
  3. A family of four can earn nearly $150,000 annually.

Consultant, I ask you: how many of your clients’ health plan members would qualify for this program?
Tools like these are available to employees when their employer has a self-insured health plan that has transparency at its core. These types of programs are amazing for employees and the employer who funds the health plan, but they take money away from the “status quo” players like big insurance companies and their pharmacy benefit manager partners.

Continue reading: Adopting J-Codes: How to navigate this drug category to save money and improve patient care

Which brings us to the point of this piece: be proud. do more affect life.

If you answer the question “What do you do for a living?” With “I sell insurance…” you sell your potential and your impact undervalue.

These and similar programs can be an important key to your new job title: impactor of life.

All it takes is Advisor to fight back against a broken system and to guide employers towards a method that not only improves their bottom line, but also enables them to make massive positive changes in the quality and cost of healthcare. As consultants, we can help employers reduce costs, improve quality of care, reduce co-payments and deductibles, and make prescription drugs more accessible and affordable.

The path is right in front of you – but only if you change your mindset and explore options outside of the traditional insurance plans you’ve accepted as your preferred solutions.

Ask yourself these questions:

  1. Do I have an opportunity to reduce health insurance costs for my customers? What have the costs been like for my customers in the last three years?
  2. Am I building health insurance plans that help employees and their families navigate the health care system to achieve the best quality?
  3. Would I stick with my personal financial advisor if he/she loses me the same amount of money year after year as the results I bring to my clients?

If you answered no to these questions, why are you doing what you are doing?
If we continue like this, we’ll give up. We admit we can’t do better. We expose employees and their families to both health and financial risk and limit the impact employers can have on the world. Let’s take the pain and suffering my family and thousands of others face each year (67% of bankruptcies due to healthcare debt) out of the equation.

Continue reading: For clients, benefit advisors can become superheroes

It is paramount that employers take back control of their healthcare spending, and only you can do this for them and their employees. It may be more difficult to propose a new solution, but everyone wins. You’ll love your job again because you know you’re advising (selling) for a plan that won’t cause an employee to spend thousands in bonuses on a plan that causes them to pay $5,000 to $10,000 in deductibles to spend before They don’t get coverage for a major illness or procedure, which opens the door to financial ruin.

You save your customers hundreds of thousands, even millions, every year by preventing premium increases. They also empower all of them to be better informed and have greater choices in their healthcare. Employees are happier, healthier and less at risk, employers have a significant competitive advantage in attracting and retaining talent, and you are the hero – a life influencer.

Leave a Comment