Business Group on Health’s Post

A recent survey by Voya Financial found that nearly 75% of employees would prioritize better health benefits, such as lower premiums and out-of-pocket costs, over higher salaries. Rising healthcare costs are making employees more focused on benefits like Health Savings Accounts (HSAs) and voluntary options like critical illness or accident insurance. In fact, 51% of respondents said healthcare expenses significantly impact their ability to save for retirement, showing how crucial comprehensive benefits are for both health and financial security. For more insights, check out the full article here: https://lnkd.in/g_4BzUUK

Guardian Life reported nearly 7 in 10 employers agree that supplemental health benefits help them meet employees’ need for greater financial security. This is a clear indicator that employers recognize the value of supplemental benefits, but what about employees themselves? Many employees aren’t confident in making their benefits selections, so they aren’t aware that based on certain situations or needs, pairing a  medical plan with the right supplemental health benefits can actually help them pay less out-of-pocket costs, protecting their financial well-being. Nayya is proud to provide personalization and education, driving increased benefits literacy and boosting supplemental health participation rates 🚀 Learn more about the possible impact of supplemental health benefits on financial well-being: https://lnkd.in/ghUKbnSf #SupplementalHealth #EmployeeBenefits

In the words of the legendary Bob Dylan, “For the times they are a-changin'” This great article from @Forbes examines the evolving employer-sponsored healthcare scene, highlighting challenges and opportunities. It covers rising costs, legislative shifts, and evolving employee preferences, stressing the importance of proactive strategies and technology adoption to boost benefits and outcomes. https://lnkd.in/e74mCJns At Healia, we can help companies address this quickly changing landscape with the  Total Care Option (TCO). The TCO helps solve these problems by allowing employees to use their spouse’s policy as base coverage and our customer’s policy to cover their out-of-pocket costs. Employees can use the account to pay for out-of-pocket health costs or premium contributions on their spouse or partner’s plan. This allows our clients to give an incredible new benefit to their employees while saving costs. The rare win/win. If you’re an employer or broker/consultant and want to learn more, message us on LinkedIn to schedule a demo! 👍 #employeebenefits #healthcarecosts #healthbenefits #healthinsurance #planselection #benefitdecisionsupport #totalcareoption

Every once in a while I come across an article that really stops me in my tracks. Last week it happened twice, and really served as a reminder of why our mission, to make high quality, integrated, whole-person healthcare more affordable and accessible for employers, employees, and their families, is so important. Axios reported last week that the cost of employer sponsored health care coverage continues to rise, with an average plan cost of $24,000 for family coverage. Between 2018 and 2023, overall premium costs increased 22% and now represent almost 20% of an employee’s total compensation. To me, it continues to reflect the recurring challenge that CHROs and CFOs grapple with every year as they think about their benefit strategy. After getting over the initial sticker shock reaction to what are often double-digit renewal price points provided by the traditional insurance carriers, CHROs and CFOs pivot to focus their decision making on how much of the increased expense the organization can bear and how much of the increased expense their employees will have to bear. The data indicates that employees continue to be on the losing side, and while I can appreciate the complexity of the financial pressures organizations are navigating, from post-pandemic recovery, to inflation, to supply chain disruptions and beyond, we have to collectively recognize that the economic impact of all this is very real. It only further exacerbates the financial strain experienced by so many, in addition to racial and ethnic economic disparities, and perpetuates an unsustainable approach to providing access to health care coverage for over 155 million Americans. What is even more troubling is that employers don’t even believe they have access to the data and decision support that they need to manage the costs of their employee health plans most effectively. The lack of transparency provided by the traditional carriers is alarming and completely at odds with efforts over the last several years to provide clearer line of sight into how health care dollars are spent and to ensure employer sponsored health plans are well managed. Given how significant the cost of these plans is within an organization’s budget, data, transparency, and appropriate advice and counsel are critical to ensure that the right strategies and stewardship are in place. The bottom line is there has to be a better way and we collectively need the courage to do something different. I believe direct contracting between clinical networks and employers can have a transformative impact on how care is delivered and paid for while also creating a more transparent, sustainable path forward to employers. This will help to ensure that both organizations and their employees are able to share in the benefit of a more cost effective and high-quality solution. https://lnkd.in/e-aUymWG https://lnkd.in/e_Evfzs3

Nearly 3 in 4 employed Americans would accept a lower salary in exchange for improved health benefits, according to a recent survey. This trend underscores the growing importance of comprehensive healthcare coverage in the face of rising medical costs. For HR managers and insurance brokers, this data highlights the need to reevaluate benefit packages, focusing on innovative solutions that offer enhanced coverage without drastically increasing employer costs. By reimagining the traditional approach to employer-sponsored health insurance, SOTA is able to offer plans that increase quality and service while decreasing costs. This includes options for $0 deductible plans and no system exclusions, which can significantly improve employee satisfaction and retention. https://lnkd.in/e6xPx45y

Health Savings Accounts (HSAs) offer numerous benefits to employees, from covering health care expenses to helping them save for the long term. This article looks at at how employers can help their employees maximize their HSAs for long-term savings. What strategies have you seen employers use to help employees with their HSAs? https://lnkd.in/gMihbYDp #insuranceindustry #insurance #jdaprile #humanresources #careers #jobinterviews #hiringandpromotion #jobsearch #hr #recruiting

How can we improve employer-sponsored benefits? It isn't rocket science! There are some important first steps: improve transparency in pricing, provide employers actionable data and insights, empower and educate members about their benefits, reduce fraud and waste through better administration. But to really improve health outcomes for members and control costs for employers, we have to dig deeper and question the status quo, from onboarding to enrollment and beyond. Where can we improve the process and make things smoother? What are the opportunities we have to reach members with information about their benefits? How can we make sure the money employers are investing in benefits will have the most impact? These are the questions we should all be asking ourselves. #TPA #Benefits #EmployerSponsored #Healthcare #EmployeeBenefits #HealthBenefits

Making benefits decisions can be daunting and confusing for many, but with Guardian and Nayya, we help to make that decision easy to facilitate and understand. #enrollmentsupport #benefitsbroker #cahip

How can we improve employer-sponsored benefits? It isn't rocket science! There are some important first steps: improve transparency in pricing, provide employers actionable data and insights, empower and educate members about their benefits, reduce fraud and waste through better administration. But to really improve health outcomes for members and control costs for employers, we have to dig deeper and question the status quo, from onboarding to enrollment and beyond. Where can we improve the process and make things smoother? What are the opportunities we have to reach members with information about their benefits? How can we make sure the money employers are investing in benefits will have the most impact? These are the questions we should all be asking ourselves. #TPA #Benefits #EmployerSponsored #Healthcare #EmployeeBenefits #HealthBenefits

With ERISA being the cornerstone of employer-sponsored health coverage for the past 50 years, it is paramount Congress works to protect both workers and employers from inflating health care prices. Read more from Bloomberg Law about the string of class-action lawsuits involving large employers grappling with surging health benefit costs.