As benefits costs skyrocket, how can employers increase their return?
Benefits spend is already through the roof and expected to rise another 6.5% this year. In just a decade, this figure has risen over 50% in total, faster than the rate of both wages and inflation.
Why do health care costs keep increasing?
- Many employers are not using claim data to report on any performance metric, so it’s difficult to identify which benefits and programs aren’t pulling their weight.
- Employees are confused overall, from how to select their benefits package to choosing in-network care providers and navigating jargon-filled claims documents.
- Unhealthy lifestyle habits are increasing the number of people with chronic conditions; just heart disease, diabetes, and arthritis cost U.S. employers $984 billion.
Complicating matters, mental health concerns are top of mind as employees ask for more resources and cultural change. When people struggle with their mental wellbeing, they may increase their risky behaviors, put off seeking care, or make the easiest health decisions rather than the best ones.
Employers that make it simple to access the right information exactly when it’s needed will see benefits dollars go the furthest.
What HR admin strategies truly lower benefits spend?
Currently, HR teams are tackling a record-number of new hires, COBRA elections, and health care claims. Time and resources are in short supply, inspiring many organizations to look for smart, cost-saving strategies.
A recent survey of 610 employers with 11.3 million employees, found three health care priorities:
- Improve access to cost-efficient quality care
- Enhance wellbeing and overall mental health
- Deliver an employee experience that blends high tech with high touch
Organizations that follow-through on these initiatives could save $1,373 per employee per year.
How can personalization make a difference?
Combining the best of technology and health care, personalization achieves two goals: bridging the gap between employee and provider while lowering employer premiums and claim costs.
By using available health data to erase the extraneous, personalization is the ultimate decision support tool.
Especially for organizations that already achieved those easy wins that come from centralizing benefits within a single platform, personalization is a way to dig deeper for dimes and dollars that add up to major health care savings.
Our exclusive MyChoice® Find a Provider tool helps employees take the next step.
Whether online via desktop or smart phone, members can compare nearby in-network providers, see exactly how much the care will cost, and schedule their appointment—all within a single intuitive platform. The best part: personalization-powered technology allows employees to only see what they’re eligible for and what is relevant to them and their dependents.
Now the best decision is also the easiest decision.
Ready to prioritize the employee experience and stabilize benefits spending? Read the Solution Sheet.