Easing the Burden: How to Support Your Employees Through Rising Health Care Costs
The cost of health care is a growing concern for many Americans. A recent Gallup poll revealed that 38% of those surveyed reported delaying care due to high costs, up from 26% just two years prior. The rapid increase is indicative of a larger problem that is likely affecting your employees as well.
Despite offering a comprehensive health plan, many employees still face out-of-pocket costs for care. So, what can you do to help ease the burden for your workers?
Prioritize Preventative Care - Regular check-ups and preventative care can be the best way to ward off major health issues. Unfortunately, the COVID-19 pandemic has resulted in a significant increase in delayed care, which can be costly for employees. To mitigate this, consider creating a cash-assistance fund to help workers cover the cost of routine check-ups and preventative services.
Embrace Digital Tools - With the rise of telehealth and health management apps, digital tools are becoming an increasingly accessible and cost-effective way to access care and manage chronic conditions. Encourage your employees to explore the apps and telehealth options offered by their insurer or provider.
Don't Cut Back on Benefits - With rising health insurance premiums, it may be tempting to offer high-deductible health plans with higher deductibles. However, this can result in even more out-of-pocket expenses for employees. Instead, encourage workers to save up for future medical expenses using health savings accounts (HSAs), which are funded with pre-tax dollars and can be saved up for future use.
By prioritizing preventative care, embracing digital tools, and avoiding cuts to health benefits, you can help your employees navigate the challenges posed by rising health care costs.