How Rising Healthcare Costs Could Affect Employees

The COVID-19 pandemic has heightened the importance of employee benefits for individuals across the country; however, uncertainty regarding what resources are available can hinge on the ability to maximize these benefits. With healthcare costs increasing and traditional in-person appointments steadily resuming, employees are also expressing concerns over how themselves and their family members can afford doctor visits.

According to an Employee Benefits Insights Report by HealthJoy, 69 percent of employees avoided going to the doctor or taking medications as prescribed due to rising healthcare costs and a lack of understanding over what is covered under their health plan.

“Employees are weighed down by lingering uncertainty about the pandemic, fears about their health and ever-present discomfort with our healthcare system. Worryingly, they reported uncertainty about critical employee benefits such as telemedicine and EAP.” — Justin Holland, Founder & CEO of HealthJoy

Healthcare price transparency benefits show consumers what they will pay for medical procedures at different providers in their area. These benefits also provide data on patient outcomes, so individuals can determine the quality of the medical facility. Thus, it is essential for employers to be investing in benefits that make it painless for employees to foresee potential costs and allow to budget for these services.

HealthJoy found that employees prefer to engage with their healthcare plans through digital communication such as applications and email, as opposed to more traditional methods. According to PlanSource, the average employee spends less than 20 minutes enrolling in their healthcare plan. Therefore, Human Resource (HR) departments have a unique opportunity to reevaluate their benefits education and can explore new ways for employees to voice questions and concerns about their benefit plans.

When employees are kept informed of and engaged in their employee benefits program, they are empowered to make thoughtful decisions that benefit not only themselves, but their family members as well. We recommend employers to thoroughly review all benefit options, including EAP and telemedicine resources, and ensure education platforms are readily available to equip employees with confidence in making their benefit elections. 

Information provided by Employee Benefit News.

Should you have any questions, please reach out to the Creative Benefits Team by calling 866-306-0200 or by email at solutions@creativebenefitsinc.com