New Year is the next opportunity
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Take an active role in plan management
Employers are often accustomed to working with long-term health insurance partners and maintaining the same medical benefits year after year and overlook opportunities for improvement. Employers need to look at health insurance not as a product, but as an opportunity to work with quality partners and strategize benefits for everyone involved.
More and more organizations are considering self-funding options to control costs and ensure quality health plans for their employees. Self-funded plans give employers universal access to data that identifies high-cost areas and partners who can transform this data into intelligence that supports decision-making. Employers can compare prices and quality based on data sharing.
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Many employers also choose to work directly with health care providers and third-party administrators to develop customizable direct-to-employer (DTE) health plans. By aligning local employer and provider benefits to reduce costs for all involved, his community-based DTE plans help businesses and their employees save on average compared to traditional insurance plans. You can save 10%.
Another area of focus is managing drug margins by openly discussing drug acquisition costs and third-party costs with brokers. Currently, 91% of large employers are concerned about trends in pharmacy costs. Focusing on developing an effective pharmacy spending strategy can have a big impact. Working with the right pharmacy benefits management company and encouraging the use of generic substitutions and rebates can help keep costs low even as drug costs rise.
Empower your employees to make smart decisions
By helping your employees develop healthier, more effective habits, you reduce long-term health benefit costs and create a stronger workforce. As many people make new lifestyle resolutions in the new year, use the first quarter to communicate with your employees about the right decisions to support their overall health, such as scheduling preventive care doctor appointments. It's a favorable time to take it.
In a recent Kaiser Family Foundation survey, 33% of American adults reported that they or a family member did not receive a recommended medical test or treatment in the past year because of cost. If not diagnosed early, delayed or missed treatment can lead to health complications and higher costs. By providing employees with education and access to preventive care, employers can save on reactionary uses such as emergency room visits, chronic disease management, and long-term medication costs.
Steering is another option for employers looking to improve the health and well-being of their employees without breaking the bank. Steering is a commonly used method to guide employees to the right care at the right time. Providing employees with the ability to use outpatient rather than inpatient facilities for routine check-ups and access to high-quality physicians with transparent cost of service can improve health outcomes. as well as reduce costs for employers and patients. Building good partnerships with providers and educating employees to make effective decisions requires research and strategy by the employer or intermediary, but is a key part of cost-reduction efforts. It can act as a driving force.
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Focus on health benefits literacy
Companies often focus their education on health benefits at specific times of the year, usually in conjunction with open recruitment programs. A more effective long-term strategy is to meet your employees where they are by providing bite-sized pieces of expertise throughout the year. By working with consultants and brokers, you can craft messages that help employees understand their coverage, how they can save money, and how they can improve their own health with the right care. Masu.
It is important to consider the needs of your employees while developing a new health benefits strategy. With the right support, access, and education, employers can put their employees on the path to reduced expenses and improved long-term health. All of these elements work together to build stronger teams and a more competitive workplace for the future. When employers take the initiative to prioritize employee well-being, rather than considering quality and cost as competing needs, they can support their teams while achieving their goals.
