With the new year, health benefits that provide a real return on investment are at the forefront of employers’ minds facing rising costs and increasing pressures to offer competitive, affordable health benefits that go beyond the safety net of traditional insurance.
Employees want to feel and see the true value of their health benefits plan while working. They are looking for solutions that provide tangible benefits that meet their individual needs and are easy to understand and navigate. Here are five trends to watch in 2024 to offer more member-focused plans to your employer clients:
- Design a smarter plan to help people manage their health. Millennials outperform other generations in their use of the healthcare system to manage conditions. Nationally, there has been a push for clinical strategies that focus on early intervention through primary care stimulation and care coordination. Designing benefits that encourage people to get routine care, detect new diagnoses early, and properly manage chronic conditions is a critical first step.
Smart benefit designs can remove barriers to workers getting the care they need while helping manage costs. The benefits don’t stop at plan design, they should also extend to the support members get when they need to seek care. Predictive data and analytics can help members take action early and provide effective resources and support to those managing complex circumstances.
- Employee fatigue with point solutions and wellness programs. The pandemic has put pressure on employers to provide better care for employees’ overall health, giving rise to a flood of new wellness programs and important solutions. Some have been game-changers and deliver meaningful benefits, while other digital health companies have struggled to deliver on their promises.
Although access to wellness programs remains important, research shows that many of them are ineffective in reducing health plan costs. The greatest impact comes from custom point solutions that are seamlessly integrated into a comprehensive health plan in a way that removes barriers to care — whether virtual (such as free virtual physical therapy) or in-person (such as free mental health coverage).
- Health benefits that include consumer-focused ideas from other industries. Often viewed as a bureaucratic and complex industry, healthcare has seen more benefits for innovators who drive change by adopting practices from industries fueled by consumer spending. For example, there are pressures for more billing transparency along with interest-free payment options over time for medical care costs. As medical debt continues to place a heavy burden on the healthcare industry, some companies have begun offering payment solutions that are integrated into health plans.
- Increased focus on pharmacy coverage. Prices for prescription drugs, especially specialty drugs, continue to rise. Research has found that one in four adults who take prescriptions have difficulty affording them, making medication adherence more difficult. The problem is exacerbated as new drugs are introduced to the market every year. Therefore, both health benefit companies and employers can do more to offset prescription costs for members and employees. Covering generic drugs at no cost, while working with pharmacy partners to increase access to affordable specialty medications, are critical steps to combat this trend.
- ICHRAs are increasing in popularity. The popularity of single-coverage health care reimbursement arrangements has tripled over the past few years. They can be a good fit for employers with demographics that include seasonal, part-time, or geographically dispersed employees. They’re also a great alternative for employers who need a more flexible way to contribute to their employees’ health benefits. Our recent survey found that 89% of benefits decision-makers are likely to consider obtaining health benefits through ICHRAs for their employees in the next three years, and 87% I think ICHRAs could be a good fit for their company in the long term.
Employers continue to look for companies that offer health benefits that are committed to innovation, investing in digital solutions and finding new ways to elevate the member experience. When brokers direct employers to the right partner, employees can stay healthy. When that happens, everyone wins.
Ben Simmons He is the chief health plan officer at Gravie. Call him on (email protected).
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