Skip Navigation PDFs require Adobe Acrobat Reader to view, download Adobe® Acrobat Reader.
Dimensional image highlighting blocks

Feb '22 Three Strategies for Reducing Benefits Costs in 2022

Business Insurance


3 Strategies for Reducing Benefits Costs in 2022

Health care costs continue to rise each year, and 2022 will be no exception. In the new year, experts predict a 6.5% increase in medical costs alone, according to PricewaterhouseCoopers. Employers are also anticipating health plan premiums to rise more than 5% in 2022, a Willis Towers Watson survey reports. With these increases in mind, employers will want to strategize methods to rein in benefits spending.

This article offers three ways to help.
  1. Consider Alternative Plan Modeling
    Instead of raising premiums, which may push employees away, employers can think about offering alternative health plan models. These include consumer driven health plans and various self-funded plan models. At their core, alternative plan models give more control to employees and employers about how health care dollars are spent.
  2. Promote Health Care Literacy
    The idea of health literacy is that if employees better understand their health care options, they can save more money and improve their overall well-being. Even limited health literacy can go a long way toward keeping health costs down in 2022. Arming employees with basic questions such as “How much will this cost?” and “Can I be treated in an equally effective but less costly way?” can help them take better control over their health choices and make wiser decisions.
  3. Explore Telemedicine Solutions
    In basic terms, telemedicine allows consumers to visit their doctor over the internet. These appointments are often much more affordable compared to in-person visits. As of mid-2021, 46% of consumers were using telemedicine to replace in-person health visits they had originally planned, according to a McKinsey and Company survey. Those figures are expected to rise in 2022 as the cost savings of telemedicine are more widely understood.




Additional articles from the February 2022 edition of the Univest Employee Benefits Newsletter:
  1. OSHA Withdraws COVID-19 ETS, but Not the Proposed Permanent Rule
  2. Three Hybrid Work Model Mistakes to Avoid
  3. Five Must-Do's for Employee Orientation
 

contact us

There was an error submitting the form

Thank you for your submission.



Insurance products are offered through Univest Insurance, LLC. and are obligations of the issuing insurance companies, are not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States. The purchase of insurance products are not a condition to any bank loan, product or service. Univest Insurance, LLC. is a licensed subsidiary of Univest Financial Corporation.


to the
top