Navigating federal and state benefits is an often overlooked yet critical component of comprehensive employee support. These benefits, which include programs like Social Security Disability, Medicare, and other state-funded resources, offer alternative avenues for coverage that can provide significant financial relief to both employers and employees.
With this in mind, we hosted Max Osbun, vice president of business development at FEDlogic, during our November Health Risk Management Webinar to share insights on how employers can utilize these programs to achieve substantial cost savings while providing employees with essential care and resources.
Many employees and employers are unaware of the financial and health-related opportunities and benefits that federal and state programs provide. Even for those covered by traditional health plans, these programs can supplement or, in some cases, replace standard coverage with options that are often more comprehensive and cost-effective.
Consider the following data shared by Osbun:
According to the Social Security Administration, 1 in 4 employees will experience a disability before retirement age. These individuals and their dependents often generate high healthcare claims, which could be mitigated by disability benefits.
At least 20% of employees aged 65 and older may be unaware they can work while electing Medicare as their primary insurance, highlighting the need for targeted education.
The frequency of million-dollar healthcare claims is rising, with 89% of such claims coming from individuals under 60. Conditions like end-stage renal diseases, amyotrophic lateral sclerosis (ALS), and cancer are driving these increases. Federal programs could significantly reduce these expenses.
Individuals below Medicare age who qualify for federal programs face healthcare costs three to four times higher than the average population, underscoring the importance of ensuring eligibility is understood and utilized.
Employers are uniquely positioned to educate their workforce about federal and state benefits. Doing so can help mitigate the financial strain caused by high-cost claims and improve overall employee well-being. By incorporating benefit education into existing health and wellness programs, employers can empower their teams to make informed decisions about their coverage options.
Navigating the complexities of federal and state benefits can be daunting. That’s where FEDlogic can step in as a trusted partner for employers and employees. With a team of experts who have held technical and leadership roles at the Social Security Administration, FEDlogic offers unparalleled insights into the nuances of these programs.
To learn more about FEDlogic’s services, visit their website.
Federal and state benefits offer a powerful tool for employers looking to manage rising healthcare costs while supporting their workforce. With the expertise of partners like FEDlogic, employees can unlock significant savings and ensure they have access to the resources they need. By prioritizing education and leveraging alternative coverage options, companies can build a healthier, more financially secure workforce.
This presentation was part of Captive Resources’ Medical Stop Loss Webinar Series — regular installments of webinars to educate medical stop loss group captive members. The thoughts and opinions expressed in these webinars are those of the presenters and do not necessarily reflect Captive Resources’ positions on any of the above topics.
