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Unstoppable Healthcare Cost Pac-Man Gobbling Up Valuable Resources

Unstoppable healthcare costs are eating up resources that companies and governments could better use to advance other important priorities. Healthcare rate increases will jump around 5% in 2021, according to a recent SHRM article. Not only does this hamper employers’ abilities to focus on their missions, but it also impacts HR departments’ ability to attract and retain employees by their attractive compensation and wellness offerings.

The go-to strategy of moving employees to high-deductible health plans has inadvertently created adverse financial and health consequences. The Mass Health Policy Commission reports that 46% of the state’s adults skipped needed healthcare in 2019 due to unaffordable out-of-pocket costs. The numbers were especially alarming for low-income and people of color, but even high-income people were not immune. A new study from Gallup and West Health showed similar results.

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How a diverse workforce can help to improve employee health

A work culture of diversity brings with it new ideas, ways of thinking and problem solving, and greater creativity and innovation. But, committing to diverse hiring practices alone isn’t enough to fully support a workforce that includes employees of different generations, gender, race, ability, LGBTQ+ community, and socioeconomic status. Your employee benefits also need to reflect this shift.

There is no one-size-fits all approach to health care. By choosing and offering a health plan that’s flexible and features comprehensive benefits, you’ll be able to help all your employees access care and live healthier lifestyles.

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