The health insurance market is constantly changing, even more so during the current COVID-19 crisis. With the benefits enrollment period coming up, now is the right time to discover all the new provider options available. It’s also the ideal time to determine if your organization can save money on benefits or provide better benefits at a similar cost.
Are Health Plan Costs Increasing or Decreasing?
Healthcare coverage is one of the most important – and most costly – employee benefits your company offers. You need to stay on top of current trends to keep your costs under control.
Employees Want More and Better Benefits
Even before the COVID-19 crisis, employees have been demanding more substantial health benefits. The 2019/2020 Global Benefits Attitudes Survey revealed that 42% of those questioned would take a more generous healthcare plan instead of additional pay. Offering more expansive healthcare options might increase your costs but could be in lieu of additional pay increases.
Employer Costs May Be Decreasing
During the COVID-19 crisis, consumers have deferred or canceled many nonessential medical procedures. According to an analysis by Willis Towers Watson, this should result in employer healthcare costs being reduced by as much as 4% in the coming year.
How is COVID-19 Changing Group Health Insurance?
COVID-19 is changing the way everyone consumes medical care. These changes could affect the type of group health plans you choose to offer your employees.
More Employees are Taking Advantage of Telemedicine
The social distancing required to fight COVID-19 infection has forced many medical practices to rapidly embrace telemedicine. Many health plan providers are both encouraging telemedicine and expanding their telemedicine coverage.
More Spouses are Being Added to Plans
The COVID-19 pandemic has led to historic job losses across the United States. As a result, at least 10 million people have lost their employer-paid health insurance. According to the Urban Institute, 3.3 million of these people will be added to a family member’s employer-provided health insurance plan. Be prepared for more spouses to take advantage of the health plans you provide.
More Remote Workers
If the COVID-19 crisis has forced your company to convert office workers to remote workers, are you providing appropriate health coverage to these individuals? Your human resources department may need to revisit the coverage you offer remote workers and consider options beyond traditional group plans. Fortunately, many providers have new programs designed with the remote workforce in mind.
Turn to CBR for Your Health Care Management Needs
Creative Business Resources has been providing human resources, payroll, and employee management services to small and medium-sized businesses since 1998. By leveraging our expertise and national buying power, your company can offer corporate-style benefits that help you attract and retain a quality workforce. We will work with you to provide a custom solution for all your health care management needs.
Contact CBR today to craft the right health care management plan for your company.