Amid the ongoing COVID-19 pandemic, payers have experienced a boost to their financial outlook. This is due in part to the individual market, where more consumers are enrolling in health plans. The individual market will likely maintain this momentum as consumers view it favorably. The current popularity is despite the repeal of the individual mandate penalty in recent years.
Individual members are unique to payers in that they make payments and manage their premiums without outside support. This is unlike millions of members who have employer-sponsored plans. Trends in healthcare payments reveal that individual members often do not pay premiums on time or need to make contact with payers regarding their payment. Late payments and inbound calls are large contributors to the overall friction on display between members and payers.
Electronic Payments Drive a Better Consumer Financial Experience
The premium payments experience is ripe with opportunities to drive electronic, streamlined experiences. In fact, the majority of members prefer simple and easy options such as electronic payment methods and eStatements. Payers can empower individual members to better manage premiums and eliminate the negative experience of late payments and inbound calls.
In the infographic below, the trends in healthcare payments show how wide the payer and individual member disconnect truly is and how contactless payments can help bridge that gap.