Market Trends and the Impact of COVID-19
Now, more than ever, employers experience new challenges in supporting their people and growing their business. The rising cost and complexity of providing affordable healthcare coverage for employees continues to be a fundamental challenge most employers face. Advancements in medical treatments and innovations in disease therapies are changing the future of healthcare, but the frequency and severity of million dollar claims are becoming more prevalent.
To help employers manage the risks associated with their healthcare plans, we’re pleased to offer our inaugural QBE Accident & Health Market Report.
This report highlights key industry trends and product details presenting insights employers can consider when evaluating their self-funded healthcare plans.
As a leading provider of medical stop loss insurance, we leveraged our claims database to analyze and share indications to help employers identify and mitigate risk. Our team of technical experts detailed medical stop loss claim trends by primary diagnosis, specific deductible, frequency, and severity.
We also examine the pipeline of high-cost gene, cell, and orphan drug therapies that employers need to consider in their long-term claim financing and risk transfer planning. The growth in the number of these highly specialized therapies will have a lasting impact on employer sponsored healthcare for years to come.
Finally, this report explores the impacts of COVID-19 and how the pandemic has affected patient care for non-critical medical procedures. From telemedicine, as an ongoing solution for delivery of care, to offering a more holistic employee benefits package that connects mental and physical health, employers are looking at new ways to improve healthcare outcomes and reduce costs.
While the Affordable Care Act had accelerated growth in self-funding as employers sought better claims transparency and greater control over their healthcare spend, the COVID-19 pandemic brought new considerations to employer groups as they managed business risks and evaluated health plan financing alternatives.
Medical stop loss insurance and related products will continue to play a key role in helping employers manage evolving risks. Our goal is not only to provide insurance protection, but also to help our customers identify and plan for future risks and opportunities.
We are hopeful that our data and insights will assist our customers in navigating the ever-changing healthcare financing landscape and provide our partners with the confidence to achieve their ambitions.
To learn more about QBE North America, please visit their website.