Episode 140: Avoiding the Healthcare Cost Crisis, with Michael Menerey

Absolute Advantage Podcast

Does the constant talk about rising healthcare costs worry you as you balance the benefits you offer your employees with the bottom line? If so, you will want to hear how Michael Menerey collaborates with private firms and public agencies to bring a fresh approach to offering employee benefits with a goal of lowering their costs while enhancing their value to all parties involved.

A senior vice president with Alliant Insurance Services, Michael Menerey launched his Reconstructing Healthcare podcast in 2017 as a platform for discussing the factors that escalate healthcare costs. He seeks innovative approaches that provide better value with reduced costs. By creating a new dialog, he seeks to educate employees and managers of ways they can lower healthcare costs.

In this episode, Michael Menerey explains how the status quo is untenable. We need to explore different approaches, including a plan to offer benefit alternatives that provide our employees the flexibility to select less expensive options that may be available through another nearby pharmacy or clinic. This makes more sense than continuing to keep the same rigid plans while shifting more of the escalating co-pays and deductibles to our workers.

If an MRI costs our present plan $3,000 but our employees still have to pay a deductible, we should have the ability through better transparent pricing in the industry to steer the employee to another location outside of the plan that performs the same procedure for a fraction of the cost. Michael Menerey also encourages benefits managers to consider reimbursing those who can find cheaper prescription prices outside of our plan if the savings benefit the employer and employee in the long run.

I hope you enjoy this important conversation!

Ways to contact Michael:

• Website: www.reconstructinghealthcare.com
• Facebook: www.facebook.com/ReconstructingHealthcare
• LinkedIn: www.linkedin.com/in/michaelmenerey

Resources:

• 10 Myths about Healthcare and Health Insurance: Available here