Telehealth is an asset to employers because it reduces healthcare costs. And employees that use it are happier, healthier, more productive, and engaged team members. Although telehealth was already a growing trend, the industry has increased exponentially because of COVID-19's strain on traditional healthcare. Now, telehealth visits are indispensable for patient diagnostics and care.
Employers and employees are seeking telehealth as part of a comprehensive benefits package. And thanks to the CARES Act, telehealth services are covered under Consumer-Driven Health Plans. This makes it an ideal time for brokers to address this critical employer and employee need.
Why Telehealth is a Crucial Benefit Offering Infographic
Telehealth technologies allow remote patient care, health education, research, and health care delivery. Services are typically administrative and do not include patient care, such as a doctor's appointment. Telemedicine lies under the telehealth umbrella. It includes only remote patient care, such as an appointment with a psychologist, doctor, or other health care practitioner.
Continue reading to learn how the telehealth industry has grown since COVID-19, and forecasts of what’s to come.
Industry Growth Before COVID-19
- 1,398% industry growth between 2014 and 2018
- 20 million people had tried telehealth in 2019—up from 350,000 in 2013.
Industry Growth Since COVID-19
- 8,336% rise in the volume of claims between April 2019 and April 2020.
- The United States Telemedicine Market could reach $176 billion in 2026, up from 2025’s $64 billion forecast.
Why Telehealth Use is Growing
81% of Americans own a smartphone. Enabling more people to access video and chat, at the tip of their fingers.
What are the Savings?
Telehealth saves individual employees $300 per year, and a family of four saves $1,000 per year in medical costs.
Confidence in Telehealth is Increasing
- 59% say they are more likely to use telehealth now, than before COVID-19.
- 33% of patients would leave their current physician for a provider who offered telehealth access.
Telehealth with a Consumer-Driven Health Plan
The CARES Act has made telehealth temporarily HSA-eligible. Any appointments or services covered under an HSA-eligible plan are covered before the deductible and will not lose their HSA eligibility status. Also, should telehealth services require payment, those services can be paid for using HSA funds.
Download our infographic to discover how telehealth confidence and demand is building amongst employers and employees.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.