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As the Fed continues to do battle with inflation, and with fears of a recession not quite going away, companies have been keeping a close eye on the costs of their health insurance and pharmacy coverage.<\/p>\n
If you\u2019re facing higher costs for health care benefits this year, it probably doesn\u2019t come as a big surprise. According to the National Survey of Employer-Sponsored Health Plans<\/em>, issued by HR consultant Mercer in 2022, U.S. employers anticipated a 5.6% rise in medical plan costs in 2023. The actual percentage may turn out to be even higher, which is why cost containment should be one of the primary objectives of your benefits\u00a0strategy.<\/p>\n Really get to know your workforce<\/strong><\/p>\n To succeed at cost containment, you\u2019ve got to establish and maintain a deep familiarity with two things: 1)\u00a0your workforce, and 2)\u00a0the health care benefits marketplace.<\/p>\n Starting with the first point, the optimal plan design depends on the size, demographics and\u00a0needs of your workforce. Rather than relying on vendor-provided materials, actively manage communications with employees regarding their health care benefits. Determine which offerings are truly valued and which ones\u00a0aren\u2019t.<\/p>\n If you haven\u2019t already, explore the feasibility of a wellness program to promote healthier diet\u00a0and lifestyle choices. Invest in employee education so your plan participants can make more cost-effective health care decisions. Many companies in recent years have turned to\u00a0high-deductible health plans coupled with Health Savings Accounts to shift some of the cost burden to employees.<\/p>\n As you study your plan design, keep in mind that good data matters. Business owners can\u00a0apply analytics to just about everything these days \u2014 including health care coverage. Measure the financial impacts of gaps between benefits offered and those employees actually use. Then adjust your plan design appropriately to close these costly\u00a0gaps.<\/p>\n Consider expert assistance<\/strong><\/p>\n Now let\u2019s turn to the second critical thing that business owners and their leadership teams need to know about: the health care benefits marketplace. As you\u2019re no doubt aware, it\u2019s hardly a one-stop convenience store. Many companies engage a consultant to provide an independent return-on-investment analysis of an existing benefits package and suggest some cost-effective adjustments. Doing so will entail some expense, but an external expert\u2019s perspective could help you save money in the long\u00a0run.<\/p>\n Another service a consultant may be able to provide is an audit of medical claims payments and pharmacy benefits management services. Mistakes happen \u2014 and fraud is always a possibility. By re-evaluating claims and pharmacy services, you can identify whether you\u2019re losing money to inaccuracies or even wrongdoing.<\/p>\n Regarding pharmacy benefits, as the old saying goes, \u201cEverything is negotiable.\u201d The next time your pharmacy coverage contract comes up for renewal, explore whether your existing vendor can give you a better deal and, if not, whether one of its competitors is a better\u00a0fit.<\/p>\n It\u2019s doable \u2026 really<\/strong><\/p>\n Cost containment for health care benefits may seem like a Sisyphean task \u2014 that is, one\u00a0both laborious and futile. But it\u2019s not: Many businesses find ways to lower costs by streamlining benefits to eliminate wasteful spending and better fit employees\u2019 needs. We\u00a0can help you identify and analyze each and every cost associated with your benefits package.<\/p>\n \u00a9 2023<\/em><\/p>\n <\/body> As the Fed continues to do battle with inflation, and with fears of a recession not quite going away, companies have been keeping a close eye on the costs of their health insurance and pharmacy coverage. If you\u2019re facing higher costs for health care benefits this year, it probably doesn\u2019t come as a big surprise. 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