How Brokers Can Help Lower-Wage Workers Access Affordable Health Coverage

In today’s economic climate, lower-wage workers are often the most vulnerable when it comes to accessing affordable health care. The 2023 KFF Annual Health Care Affordability Report underscores this issue, revealing that a significant portion of lower-wage employees struggle with high premiums and deductibles that make necessary health care out of reach​ (KFF)​​ (KFF)​. As a broker, you play a crucial role in bridging this gap by offering solutions that cater to the unique needs of these workers. One such solution is the Fundamental Care® Limited Day Health Plan.

The Health Care Challenge for Lower-Wage Workers

The KFF report highlights several key challenges that lower-wage workers face:

• High Premiums and Deductibles: The report shows that the average annual premiums for single and family coverage have reached unprecedented levels, making it difficult for lower-wage workers to afford coverage​ (KFF)​.

• Limited Access to Employer-Sponsored Insurance: Many lower-wage workers are employed by small firms that are less likely to offer health benefits. Even when benefits are offered, the high costs can be prohibitive​ (KFF)​.

• Out-of-Pocket Costs: Beyond premiums, the out-of-pocket costs for medical services, including copayments and deductibles, can be a significant burden. This often results in workers delaying or forgoing necessary care, which can lead to more severe health issues and higher costs in the long run​ (KFF)​.

Leveraging the Fundamental Care® Limited Day Health Plan

The Fundamental Care® Limited Day Health Plan offers a practical and affordable solution for lower-wage workers. Here’s how brokers can leverage this plan:

1. Affordable Premiums: The Limited Day Health Plan is designed to provide essential health coverage at a fraction of the cost of traditional plans. This makes it an ideal option for lower-wage workers who need affordable health insurance.

2. Lower Deductibles: Unlike many HDHPs, the Limited Day Health Plan features lower deductibles, reducing the out-of-pocket expenses that can be a barrier to accessing care. This ensures that workers can afford to use their health benefits when they need them.

3. Comprehensive Coverage: Despite its affordability, the plan includes a wide range of benefits, such as preventive care, mental health services, and doctor visits. This comprehensive coverage helps lower-wage workers maintain their health without the fear of excessive costs.

4. Flexible Plan Options: Brokers can tailor the Limited Day Health Plan to meet the specific needs of their clients. Whether the workforce is predominantly young and healthy or includes individuals with diverse health needs, the plan can be customized to provide the right level of coverage.

Supporting Data from Additional Sources

In addition to the KFF report, data from other reputable sources further underscores the challenges and solutions for lower-wage workers:

• PwC Health Research Institute: PwC highlights the rising costs of healthcare and the importance of affordable solutions for lower-wage workers.

• Willis Towers Watson: Their research emphasizes the need for innovative health plans that address the affordability issues faced by lower-wage employees.

• SHRM: The Society for Human Resource Management discusses strategies to offer meaningful benefits to lower-wage workers to enhance their health and well-being.

How Brokers Can Make a Difference

Brokers have a pivotal role in helping employers understand the value of the Fundamental Care® Limited Day Health Plan and how it can benefit their lower-wage employees. Here are some steps to take:

• Education and Advocacy: Educate employers about the specific challenges lower-wage workers face and advocate for affordable health care solutions. Use data from the KFF report to illustrate the need for affordable options​ (KFF)​​ (KFF)​.

• Customized Solutions: Work with employers to customize the Limited Day Health Plan to fit their budget and the needs of their workforce. Highlight the flexibility and comprehensive coverage of the plan.

• Support and Guidance: Provide ongoing support to employers and employees to ensure they understand their health benefits and how to use them effectively. This includes helping them navigate the enrollment process and access covered services.

Conclusion

Lower-wage workers deserve access to affordable and comprehensive health care. By leveraging the Fundamental Care® Limited Day Health Plan, brokers can provide a valuable solution that meets the needs of these vulnerable workers. This not only improves employee health and satisfaction but also helps employers manage costs and retain their workforce.

To learn more about how the Fundamental Care® Limited Day Health Plan can benefit lower-wage workers, visit Fundamental Care® Limited Day Health Plan.

References

1. Kaiser Family Foundation. (2023). 2023 KFF Annual Health Care Affordability Report.

2. PwC Health Research Institute. (2023). PwC Health Research Institute.

3. Willis Towers Watson. (2023). Health & Benefits.

4. Society for Human Resource Management. (2023). Offering Benefits to Lower-Wage Workers.

5. Fundamental Care®. (2023). Limited Day Health Plan.