How are Insurance companies working towards cutting back prices for their enrollees? With prices rising each year, everyone from Congress to Insurers are continuing to figure out how to lower the cost of healthcare. Cigna, believes they have found a way to save more than “$850 per customer”, according to a new insurer’s internal analysis. Cigna believes by combining medical, pharmacy, and behavioral benefits, this price savings can become a reality.
Where The Savings Coming From?
Savings are predicted to work by developing a better care approach for a person. This means by creating a healthier person through better benefits and proactive approaches, healthier outcomes can be expected ultimately reducing cost. This data comes from the purchase of pharmacy benefit manager (PBM) Express Scripts. With the largest PBM now under Cigna’s wing and new information and data garnered we could possibly see this integration in whats offered to employers and government clients. With Express Scripts now under Cigna, providing more to the client isn’t far out of reach.
Statements From Cigna
Matt Totterdale, Cigna’s senior vice president of pharmacy, stated: “More than ever, employers are prioritizing whole-person health and offering fully connected benefits, which are key to attracting and retaining talent,”. Cigna released a statement about the analysis and their hopes for improved benefits when connected. “With connected medical, pharmacy, and behavioral health benefits customers are more engaged in their health and well-being, are more likely to stay in-network for their care and are more informed about their care options, which can, not only drive down costs but also often translate to improved outcomes”.
How Are Other Companies Competing
How are other plans going to compete with Cigna’s plans? Rival health companies are stepping up to the plate in order to strike back at the competition. UHC owns many different medical care providers under its Optum unit, while CVS Health which owns Aetna, is working to package more benefits. Companies continue to pay for services outside of medical care whether its food insecurity, loneliness and the lack of affordable housing to combat social determinants that impact health.
Insurance companies continue to provide their customers with better benefits to improve health. We can expect customer loyalty to surge as health improvements are seen.
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