With such a high inflation rate, consumer goods and employee benefits have experienced a notable price increase. Employee Benefit Research Institute conducted a survey and confirmed one-third of U.S. employees saw an increase in their health costs within the past year. However, there are ways employers can mitigate benefits costs without passing them along to their employees.
Advocating for Telemedicine
Time and money are saved when an employee utilizes telemedicine rather than traveling to an appointment. Transportation can be expensive and time-consuming, so eliminating it allows those resources to be better spent. Therefore, employees require less paid time off of work. Additionally, your employees may stay healthier longer if care is more accessible. Many people delay in-person care due to the fact it can be more tedious and costly at times.
Examining Underutilized Benefits
Employers can save money by focusing on what employees need. If certain benefits are underutilized, they can be eliminated. Those resources can then be allocated to more useful and necessary benefits. To determine which benefits are needed, employers can conduct surveys inquiring about the employees’ wants and needs.
Implementing a Wellness Program
There are several advantages to offering a wellness program not the least of which is long term cost savings. A clinical trial proved that employees who focused on their nutrition and physical activity experienced drastic improvements in their health risks. With lower health risks, employees can better utilize their health plans. For example, one study found that employers who offered comprehensive worksite wellness programs saved money. The healthcare savings from the program were greater than the program’s overall cost.
While operating in a time of high inflation is difficult, there are ways employers can save money and retain employees.
If you have any questions about telemedicine, wellness programs, or your benefits, please contact your dedicated Creative Benefits, Inc. team member.