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Description
Most Americans buy more health insurance than they need, often spending over a $1,000 in excess annually. Troublingly, overpaying disproportionately affects lower income populations: Studies show that lower wage earners are more likely to choose the wrong health plan and overpay, also making them less likely to save for retirement. A primary obstacle to optimal health plan selection is aversion to a high deductible. This is especially true for lower wage earners who spend a higher percentage of their income on deductibles than high wage earners. In this session, Aspen Institute Health Innovator Fellow and health policy expert Dr. Elizabeth Coté will share how employers can help employees overcome this obstacle with innovative yet simple changes to their benefits structure. By making it easier for lower wage earners to choose a cost-effective plan, employers can disrupt an unbalanced system and champion health and wealth equity in the workplace. Objectives - Show how overpaying for health insurance adversely affects employees’ long-term physical and financial health outcomes.
- Explain why overpaying and its consequences disproportionately impact lower income populations.
- Describe how to build a benefits structure that advances health and wealth equity for employees across income levels.
Presenter Elizabeth Coté MD, MPA, Chief Mission Officer and Medical Director MyHealthMath Credit(s) 1 CHHR
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