Currently, emergency room visits across the country are down by 42%. As COVID-19 continues to ravage the world, physical doctor visits are giving way to safer digital alternatives. However, we wouldn’t say that the pandemic has forged this trend. In 2018, 90% of Americans over 40 said they would consider replacing some of their doctor visits with telehealth services. Since then, the switch has accelerated. The Physicians Foundation noted an 18% jump in healthcare providers offering telehealth services in 2020.
Are your employees covered? A year ago, telehealth was seen as a supplemental, value-added service. Today, it’s quickly becoming a primary method of healthcare delivery, and that is unusual. In 2018, less than 2% of employees who had telehealth coverage in their plan used it. Now, telehealth is a driving force behind healthcare benefits consumption.
So, when your employees ask you about telehealth coverage, do you know the answer? Should you be offering telehealth to your employees? Or is it simply a crisis benefit that’s going to diminish after the crisis fades away?
What Are Telehealth Services?
Telehealth is the use of technology (mainly internet-driven communication apps) to deliver healthcare services virtually. Technically, telemedicine began as a phone-driven technology, but it’s quickly transformed into a digital-centric healthcare model. This is a broad category of services.
A few examples of telehealth with unique situations:
- Using a patient portal to communicate with a doctor via video chat
- Checking lab results and accessing medical documents through your mobile device
- Using a smartphone or tablet to record blood sugar levels, blood pressure readings, or food logs for doctor review
- Requesting prescription refills through a portal on your laptop
All of these are telehealth services. It’s a rapidly growing segment of the healthcare delivery market, and it’s poised to continue to grow over the coming years. This brings us to an important point: Telehealth isn’t solely fueled by COVID-19.
Yes, the pandemic has accelerated the rise of telehealth, among other changes, and it’s here to stay. Growth in the telehealth market has risen sharply year over year since its introduction to the market. And we fully expect it to continue to grow as more patients rely on the rapid results and convenience of scheduling visits from the comfort of their homes.
Should Your Benefits Package Include Telehealth Insurance Coverage?
Chances are, this is the first time you’ve thought about telehealth insurance coverage. Before 2020, telehealth was still relatively fringe, though certainly gaining pace. Amid the pandemic and its aftermath, telehealth has become a shining star for patients. Luckily, your employee benefits provider likely offers telehealth coverage.
The main question is: How much will it cost to offer telehealth services?
Like most benefits questions, the answer is, it depends. If you’re a small- or medium-sized business, then it might possibly cost a pretty penny. Companies with fewer than 200 employees pay on average 18% more for employee health insurance than their larger counterparts. They also often get fewer benefits with that higher price tag. In short, your benefits provider certainly offers telehealth, but you may have to pay more to include it.
Of course, paying is only part of the battle. You have to research telehealth benefit requirements, digest complex benefits agreements, and navigate the circus of compliance, legalese, and nuances that comes with changing employee benefits packages. There’s a lot to telehealth coverage. Packages may include various telemedicine services (e.g., online pharmacy pickup, a certain number of free online consultations, app-based tracking, etc.) at different price points.
You may need help. A PEO can help you cut telehealth and other healthcare costs with co-employment, navigate the tsunami of healthcare plans, and identify the best employee benefits programs that help your employees access critical telehealth services.
Remember, benefits aren’t just good for your employees; they’re good for your business. Fifty percent of employees have left a past position to secure better benefits packages elsewhere. Given that it costs over $4,000 to onboard a new employee and up to 2 years for them to become fully productive, keeping your retention rates high with competitive benefits can keep your business healthy and growth-ready.
Ready to Upgrade Your Health Insurance Benefits to Include Telehealth?
Telehealth services aren’t just a pandemic-driven trend; it’s a sustainable, long-term change in consumer healthcare. Offering telehealth to employees today gives you an advantage over your competitors. Your employees want to use it to avoid going to a physical location with potential COVID-19 patients, and you want to keep your employees happy. Better yet, as telemedicine grows, you’ll be in a prime position to capitalize with desirable and attractive benefits that keeps high-quality talent flooding to your doorstep.
