Jane Sarasohn-Kahn’s Post

Thanks, Jane, for another insightful article on the challenges people face with medical debt and health care costs. Your highlight on the CFPB's plan to possibly remove medical debt from credit reports shows how unexpected medical bills are different from other debts like car loans or credit cards. Also, the Aflac report reveals how many Americans have to choose between health care and other important expenses. Looking ahead, it’s important to think about ways to help reduce these financial pressures from health care costs. As changes in health insurance coverage are expected, especially with more people not having insurance, it's crucial to support efforts that lessen the cost burden on families. Advocating for clearer medical bills and lower out-of-pocket costs can help make a big difference. #HealthcareCosts #MedicalDebt #InsuranceCoverage

❗❗❗ This report highlights a tipping point. At what point will the burden of healthcare costs become so great that the system becomes overwhelmed? Or, are we already there? 🚑 Will it be when a significant portion of the population loses access to preventative care, or when healthcare worker shortages become so severe that quality care suffers? ❓❓❓It's a concerning situation with no easy answers. This report shows the urgent need for solutions that address both the affordability of care and the financial stability of the healthcare system itself. https://lnkd.in/ek6baDqt #RTConsulting #RT #healthcare #healthcarecosts #finance #inflation #preventivecare #affordablecare #health #medical #benefits #employeebenefits #benefitsadministration

Medicare star ratings can help seniors find the right plan for their needs. Here’s what agents need to know. https://lnkd.in/eR2FApaU

Another substantial study from KFF, this time on the burden of medical debt in the US. https://lnkd.in/ejyRTycu Here are some key takeaways: Among adults with fair or poor health status, about 41% have medical debt, while only about 17% of adults with excellent or good health status have medical debt. Similarly, among adults with a disability, around 43% have medical debt, whereas only about 19% of adults without a disability have medical debt. The data underscores the challenges faced by individuals with poorer health or disabilities in managing medical expenses, highlighting the need for targeted interventions and support mechanisms. These stats are why the Healia team is so passionate about our Total Care Option (TCO).  The TCO helps solve these problems by allowing employees to use their spouse’s policy as base coverage and our customer’s policy to cover their out-of-pocket costs. Employees can use the account to pay for out-of-pocket health costs or premium contributions on their spouse or partner’s plan, giving free healthcare to those who most need it. If you’re an employer or broker/consultant and want to learn more, message us on LinkedIn to schedule a demo! 👍 #employeebenefits #healthcarecosts #healthbenefits #healthinsurance #planselection #benefitdecisionsupport #totalcareoption

3️⃣ Reasons to attend NEEBC's annual Washington Update: ✅Get updates directly from D.C.’s Departments of both Labor and Treasury. ✅Learn about "pharmacoequity" – factors impacting pharmaceutical access and affordability – from a Washington-focused panel of experts. ✅Hear the latest regarding SECURE 2.0, student loans, transparency, mental health parity, "junk insurance," telehealth; changes affecting both pension-side and defined benefit-side plans; and other topics that will be addressed from the government and the private sectors. #EmployeeBenefits #TotalRewards #HRPolicy #HRCompliance

CareCredit’s Alberto (Beto) Casellas explains how financial literacy is the backbone of better health outcomes, and increased support around planning and saving for healthcare expenses is paramount, in Fast Company. Learn more ways consumers and providers can prioritize financial literacy amid healthcare’s affordability challenges: https://lnkd.in/e2AXuqBk

Medical debt is more than just a financial burden for workers - it's a source of stress and a barrier to accessing essential care. Our research shows that deferred care is a widespread response to medical debt and inadequate coverage. Even among those with employer-provided insurance, 30% skip routine check-ups, screenings, and vaccines. The ripple effects from deferred care have consequences for workers and employers. It leads to worse health outcomes and increased healthcare costs for workers, while employers experience higher absenteeism, reduced productivity, and job attrition. By listening to workers and harnessing their insights, we've crafted essential recommendations for employers to better support their employees in dealing with medical debt and its impact. Discover how these recommendations can create a positive change in your workplace: https://lnkd.in/dScAQQ2p #medicaldebt #healthcare #workers #healthcare #productivitysolutions #workplacewellness #research #healthcare #insights #workplace #healthcare #employers #financialwellbeing #healthcareawareness

Many employers offer Health Savings Accounts to their workers. You may also be able to open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules. https://lnkd.in/gMybAeVF #HSA #NeedToKnow #taxsavings

In 2021, the NHS estimated that around 1 in 4 people aged 65 and over needed help with at least one daily living task, whether that need is met by paid carers, or unpaid*. Yet, a staggering number of people are unprepared for this inevitable reality. Today, let's talk about the COST of not planning for long-term care. ◻️ The financial toll The cost of long-term care can be daunting. Average care home fees range from £27,000 to £39,000 per annum for a residential care home**.  If you haven't planned for these expenses, you could quickly deplete your life savings. ◻️ Impact on family When you're unprepared, the financial burden often falls on your family. Adult children may have to juggle between their jobs, families, and taking care of elderly parents. Spouses may find themselves financially stretched, particularly if they also require care. ◻️ Quality of care Without a plan, you might have fewer choices when it comes to the quality of care and facilities available to you. ◻️ Invest in peace of mind Wouldn't you rather have a plan in place? Proper financial planning can offer you options like: ▫️ Long-term care insurance ▫️Annuities ▫️Trust funds designated for healthcare ▫️And more... Planning for long-term care is planning for life - your life. Don't be caught unprepared. *NHS Digital, 2023 ** UK Care Guide, 2023 #longtermcare #financialplanning #investinyourfuture #financialadvice