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Are more health benefits better?

How employers can help ensure they are getting the value from their investment and employees are getting the value to their health

A lot more is asked of employers, particularly in terms of the workplace benefits they offer, including health care. As companies continue to recover from the variability in health care spending brought on by COVID-19, high-performing employers must look toward tomorrow as they execute on providing the best health care benefits to keep their workforces healthy, happy, and productive.

At one time, the primary health benefit that employers provided their workers was a health plan. Today’s health benefits landscape looks much different, with a myriad of plan options and point solutions offered to employees. This trend has only accelerated since the pandemic started. Employers must increase the perceived value of these new benefits by raising awareness and utilization and helping employees navigate their benefits. But how can employers do all this and administer these new benefits?

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Unstoppable Healthcare Cost Pac-Man Gobbling Up Valuable Resources

Unstoppable healthcare costs are eating up resources that companies and governments could better use to advance other important priorities. Healthcare rate increases will jump around 5% in 2021, according to a recent SHRM article. Not only does this hamper employers’ abilities to focus on their missions, but it also impacts HR departments’ ability to attract and retain employees by their attractive compensation and wellness offerings.

The go-to strategy of moving employees to high-deductible health plans has inadvertently created adverse financial and health consequences. The Mass Health Policy Commission reports that 46% of the state’s adults skipped needed healthcare in 2019 due to unaffordable out-of-pocket costs. The numbers were especially alarming for low-income and people of color, but even high-income people were not immune. A new study from Gallup and West Health showed similar results.

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