Each year, employers reevaluate the best solutions for healthcare coverage. Of course, this year looks a bit different with employees requesting more flexibility than ever before. A company’s health insurance package could even deter a qualified job candidate from accepting an offer or prevent an existing employee from staying. Open enrollment was also extended for 2021, giving employers extra time to decide which healthcare plan they want to pursue for the upcoming year to meet the changing needs of their workforce.
The top three focus areas for Holmes Murphy this year are the war on talent, cost, and a focus on mental health. We are seeing these factors weigh heavy on employers’ decisions as they look to the best plan. With mental health in-particular, Holmes Murphy’s Clinical Learning and Understanding Engine (CLUE) has tracked a 23% increase in Mental Health Visits from 2019 to 2021, representing a 28% increase in per member per month claims cost associated with mental health and substance use visits.
In looking to simplify the renewal process, Holmes Murphy introduced Cash Back Health, a simple plan addition, which drives attention to the highest quality doctors in the local area, generating significant savings and better health outcomes for both fully and self-insured employers. Using Cash Back Health connects patients with providers who will give them the best chance to get better, culminating in overall better health for employees. In a time where businesses can use all the help they can get in the fast-changing world of employee benefits, cash back health can help lower plan costs for the employer and out of pocket costs for the patient, while not requiring a change in carrier, plan design, or network.
Additionally, a shift in early retirement and movement within the workforce has employers searching for ways to keep their employees engaged and satisfied. Employers are putting more money toward increasing salaries and are having to adjust budgets to cover health insurance costs. Across the market, many companies are focused on adjusting their premiums as well as concentrating on what is keeping key talent within their organization.
In any sense, communicating often and clearly with employees, as well as laying out plan options simply and ensuring all benefits are understood can help guide employers to choose the best health insurance plan for their individual needs.
Jeff Kirke is Vice President of Employee Benefits at Holmes Murphy.
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