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Healthcare is expensive and costs continue to rise. According to the Centers of Medicare & Medicaid Services (CMS), healthcare costs are expected to reach an annual level of $6.8 trillion by 2030. Consumers are struggling to pay increased premiums and want greater control of their healthcare spending. Health plans and employers are working to address rising costs with innovative plan designs, or placing greater cost share with consumers.

CMS’ Transparency in Coverage mandate and No Surprises Act legislation take the first step in creating greater cost transparency for members. But without education, people may not take advantage of the new cost information when planning their care. Before price transparency tools go live, it is important to consider how you will educate members and motivate new behaviors. Tools, such as financial rewards, are one way to motivate people to make smarter, more cost-effective choices.

Create motivation through healthcare financial incentives

Our recent consumer benchmark research report found 51% of people with a high-deductible health plan have avoided care because they did not know the costs. Regular communication educates members on how and why to search and compare costs but sometimes people need a friendly nudge to take the first step.

To understand consumer perceptions and interest in healthcare incentives, HealthSparq partnered with research firm Hanover, and found:

  • 76% want their employer to give them tools to save money on healthcare
  • 82% of consumers will choose a preferred lab to earn $25

Healthcare rewards programs encourage members to use their health plan tools to find high-quality or low-cost providers. Incentivizing members to choose a quality designated facility or to use a preferred lab can have a long-term impact on reducing costs and driving behavior change. Incentives as low as $25 can help move the needle.

Helping consumers take control of their spending will generate savings for your plan and employers. For more research and insights on driving healthcare savings, download the latest HealthSparq white paper, Realize Big Savings by Incentivizing Consumer Behaviors