Employers Looking Ahead at Containing Healthcare Costs

A recent report from Willis Towers Watson (WTW) consulting indicated that rising healthcare costs are an increasing concern to employers. This has long been the case, but now it is becoming more pronounced than ever. Employers are therefore reexamining their programs to find what might provide the best value for both their companies and their employees, including recruiting, retention and employee well-being. According to WTW, nearly two-thirds of employers surveyed plan to address benefit costs. Of those, “73% plan to address high costs by enhancing value or switching to better-value vendors for health, retirement and risk benefits, 44% plan to tackle high-cost medical conditions, and 37% plan to adopt a network of preferred medical providers.” Mental health, overall health benefits, wellness coaching, financial management/coaching and family support will be priorities.

An additional piece of information from a different source indicates that up to 85% of employees are confused by their benefit programs (or parts thereof). That can represent retention value lost to employers, and it points out the need for employers to enhance their communications, provide ready access to employees who might have questions, and not to assume that lack of questions means understanding.