Top 5 Benefits Concerns of Employers in 2023
As HR teams re-evaluate their offerings in the coming year, they are focused on providing the best employee benefits in the most efficient ways. To help teams make informed decisions, one benefits firm, Nava Benefits, collected information about choices made by HR teams from over 600 vendors across 28 benefit categories.
Nava’s analytics identified several key benefit concerns as top priorities for HR teams: healthcare navigation, mental health, financial education, fitness and nutrition and reproductive benefits.
Healthcare Navigation
As healthcare costs continue to climb, HR teams are focusing on ways to reduce wasteful spending. One of the most effective solutions is healthcare navigation benefits.
Healthcare navigation benefits help employees identify reliable and cost-effective healthcare options, including providers and facilities. These benefits typically provide patients with information on various in-network providers and comparative price data to help them make informed decisions.
Additionally, healthcare navigation may provide support in understanding complex medical bills or pricing negotiations. In some cases, these services are provided directly through an employer’s health plan, while in others, they may be offered as a separate benefit. Not only can this save employers money by reducing hospital overcharging, but it can also ensure that employees make the best use of their health plans and benefits.
Mental Health Benefits
Mental health benefits have taken center stage in HR departments since the pandemic began, as rising rates of depression, anxiety and burnout have put a spotlight on the need to prioritize mental wellness. In response, many employers are now offering virtual counseling and therapy options as part of their benefits package.
These changes increase privacy and convenience for employees when accessing mental health providers, allowing them to seek help without taking time off work or traveling for appointments. Benefits like these can improve employee retention and productivity, leading to a healthier workplace.
Fitness and Nutrition Benefits
Employers recognize the effect of physical wellness on mental health and healthcare costs. As a result, HR teams are turning to digital solutions to help employees monitor their fitness and nutrition and provide advice on exercise and diet.
Efforts like this to minimize stress on bodies and minds can help employers save on healthcare expenses even sooner than expected. According to a study published in the British Medical Journal, physically active middle-aged adults could save up to $1,874 per year in healthcare costs after retiring.
Price Comparison Benefits
Price comparison benefits are digital tools that let employers and employees compare different healthcare products and services to find the best value for money. They can assess coverage, price, quality, and other facets of each healthcare package available.
This helps employers identify healthcare savings while providing employees the benefits they need.
Part of the process can involve moving away from traditional methods to achieve optimum cost savings. Alternative insurance plans or pharmacy solutions could reduce drug spending and save money in the long run.
Fertility and Reproductive Benefits
In the wake of the Dobbs decision, HR teams may need to re-evaluate their fertility and reproductive benefits.
It is a complex area of healthcare due to a diverse workforce and legislation that varies from state to state. As a result, HR teams must be thoroughly knowledgeable about their state’s regulations and laws regarding providing fertility and reproductive benefits.
For more Employee Benefits tips, contact INSURICA today.
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