How will the pandemic impact employer-sponsored health benefits? Here's a look at expert opinions on emerging trends resulting from COVID-19, along with a guide to help employers choose a financial wellness program for their business and statistics on Americans' worsening mental health.
In an interview with two health benefits experts, the Society for Human Resource Management (SHRM) shared thoughts on how the pandemic may influence employer-sponsored health benefits. In addition to speculation that telemedicine will continue to increase in use during and beyond the pandemic, other insights offered include:
- Shifts from HDPs to lower-deductible plans due to competing priorities from employers under financial stress and risk-averse employees
- The rise of consumerism tools and concierge services to help members navigate complex health care information
- The impact of more government coverage, like Medicare for people 55+, on employer-sponsored coverage
- Thoughts on reducing prescription drug costs and employee wellness programs
Groups offer guide to establish employer financial wellness program from PLANSPONSOR
The National Fund for Workforce Solutions and the Social Policy Institute at Washington University in St. Louis have collaborated to create a guide to help employers choose a financial wellness program for their business. The guide provides six steps to choosing the right program, from understanding their employees financial lives to assessing their needs and implementing and evaluating a solution.
According to Census Bureau data, Americans have see a substantial increase in anxiety and depression since the start of the pandemic. Twenty-four percent of respondents to the agency's emergency household surveys show clinically significant signs of major depressive disorder, while 30% had symptoms of generalized anxiety disorder. These rates were higher among women, young adults, and the poor.
Image source: The Washington Post