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2 days ago
- Health
- Business Journals
Employers: Use these guidelines to create benefits for the modern workforce
It's impossible to forget the disruption of the COVID-19 pandemic. It reshaped how we live and work, forcing companies to rapidly adapt to remote models and prioritize health and safety in new ways. The crisis made one thing clear for employers: Affordable, meaningful health care benefits are vital — not only for supporting employees but also for ensuring long-term business stability. In the post-pandemic workplace, high-deductible health plans (HDHPs) continue to present challenges, especially for hourly and lower-wage workers. Recruiting and retaining top talent now hinges on offering benefits that go beyond basic coverage — they must be affordable, accessible and relevant. Employers are shifting from cutting costs to investing in benefits that support the whole person. A new framework: Mind, body, money To meet the demands of today's workforce, I use a simple yet powerful framework to guide benefits strategy: Mind, body and money. These three pillars reflect the needs of employees and can help employers design plans that truly make a difference. 1. Mind: Prioritizing mental health Mental health challenges spiked during the pandemic, and they haven't gone away. Today, one in five adults report struggling with mental health, while nearly a third say they don't have a primary care provider (PCP), leading to overall poor well-being. Telehealth has provided a lifeline, but access to in-network mental health providers remains limited. The need for robust mental health support has never been greater, and addressing it must be a priority. 2. Body: Access and prevention Roughly a third of Americans lack a primary care provider (PCP), leading many to rely on urgent care instead. This not only drives up claim volume and employer costs but also increases the risk of chronic conditions going undetected. Consider this: nearly 40% of Americans are pre-diabetic, and managing diabetes can cost $8,000-$10,000 per person annually. For an employer with 50 employees, that could mean $200,000 in preventable expenses. It's critical to ensure employees have access to high-quality preventive care at a price they can afford. Prevention isn't just a health strategy — it's a financial one. 3. Money: Real incentives that work A recent survey by Imagine360 found that 25% of employees would accept a pay cut in exchange for better benefits. That's a powerful signal. But incentives must go beyond surface-level perks like gym memberships. Instead, they should encourage real engagement with health care — rewarding participation in preventive care, screenings and chronic condition management. At the same time, health care costs are climbing fast — especially when it comes to prescriptions. GLP-1 medications are up 200%-300% year over year, prompting employers to reassess pharmacy strategies. Real savings start with aligning incentives to promote smart utilization. The retirement factor Older employees are increasingly delaying retirement — not because they want to, but because they can't afford to stop working. 28% regularly find themselves out of money before payday arrives. 60% of full-time employees are stressed about finances. 56% of financially stressed employees spend three or more hours a week thinking about finances. Consultants must help employers address this early with smart retirement planning tools like 401(k) plans and Health Savings Accounts (HSAs). Financial wellness isn't a separate issue — it's deeply tied to mental and physical health. Supporting employees across all three areas helps ensure smoother, more cost-effective transitions into retirement. Implementing reference-based pricing, a sustainable cost strategy Reference-Based Pricing (RBP) has evolved significantly over the years. What was once viewed as a heavy lift for companies and employees is now gaining momentum as a sustainable solution to out-of-control health care costs, and a great experience for employees. Like HSAs, RBP has continued to garner more adoption — and it's delivering real results. With rising health care 'tariffs,' more employers are turning to RBP to regain control. For example, a nursing home with 800-900 employees implemented RBP and saw health care costs drop by 40%. Four years later, they've maintained those savings, and employees have embraced the model.* RBP is particularly effective for companies with high turnover or low plan engagement. It allows employers to lower deductibles and build a more budget-neutral benefits strategy. While switching any health plan carrier requires change management, the right consultants can guide the process and help ensure both employer and employee success. What consultants must do now It's time for consultants to step up. That means vetting vendors rigorously and recommending only those that align with the employer's core goals — whether it's improving retention, reducing costs or boosting care quality. Employees care deeply about their take-home pay and their health. If a benefit strategy isn't working for them, they'll leave. Strong benefits aren't nice to have — they're a competitive advantage and a critical part of your business strategy. Want to talk about building a smarter benefits strategy that works for your team and your budget? Connect with me on LinkedIn.
Associated Press
29-04-2025
- Health
- Associated Press
New Survey Reveals More than a Third of Americans Skipped or Postponed Healthcare Due to Costs, Up from 2023
PHILADELPHIA, April 29, 2025 /PRNewswire/ -- Imagine360, a leading alternative health plan for self-funded employers, today released the results of a national survey conducted by Pollfish gauging public perception of healthcare coverage and revealing that 38% of Americans skipped or postponed necessary healthcare or medications due to the cost. Imagine360 funded the survey to better inform employers about their health benefit options, particularly as healthcare costs are rising at the highest rate in 13 years. The survey polled 2,500 American adults, ages 18 through 64 across the country, including: 31% of people living in the Southern geographies, 24% in the Northeast, 23% in the Midwest, and 22% in the West. All respondents had healthcare coverage, with 80% receiving it through an employer. Other key survey findings include: 'As healthcare costs continue to rise at unaffordable rates, its impacts are far-reaching for American businesses and families,' said Jeff Bak, CEO and president of Imagine360. 'Businesses across the country are faced with the daunting task of either passing increasing healthcare costs to their employees or making significant cuts to other business expenses. The survey indicates that rising costs lead to Americans not accessing the care they need or leaving their place of employment to find affordable health benefits. Now, more than ever, it's imperative for employers to evaluate their health plan offerings to ensure they meet both the health and financial needs of their employees.' The survey's results underscore the importance of employers understanding their employees' health needs and how that impacts their business. Employees Skip Necessary Care or Medications Because of Cost In the past 12 months, 38% of respondents skipped or postponed necessary healthcare or medications because of the cost. In addition, 42% of those who indicated they skipped care admitted their health problem worsened – marking approximately one sixth of the population who experienced worse health outcomes as a direct result of rising healthcare prices. A separate study in 2023 found that 27% of American adults reported skipping medical treatment due to affordability concerns, marking a statically impactful increase in 2025. When employees leave conditions untreated or forgo necessary medications, it can lead to employers footing the bill due to complications or employees missing workdays. Employee Health Premiums Affordability is a Breaking Point A third (33%) of respondents indicated health insurance premiums were the number one most important contribution to healthcare affordability and 23% indicated out-of-pocket maximums. In 2024, the median annual household income for a family of four was $114,425. Comparatively, the average employee's contribution toward an annual premium for a family of four was $6,296 —approximately 6% of the family's income. Additional healthcare expenses like deductibles, co-payments, and out-of-pocket maximums further exacerbate healthcare affordability concerns. Employee Health Benefits Drive Retention Health benefits play a significant role in employee retention with two-thirds (67%) of survey respondents stating they play a significant role in searching for or staying at a job. In fact, 28% stated they would leave their employer and take a pay reduction for better healthcare benefits. Given that the estimated cost to replace an employee ranges from half to twice their annual salary, employers who neglect to improve employee retention may face significant expenses. Employees Benefit from Cost Saving Opportunities While cost of care is a pressing issue for employers across the country, a recent actuarial report found that Imagine360 reduces healthcare costs by nearly 20% compared to commercial health plans. Imagine360 provides significant savings through integrated third-party administration, preferred contracts with high-quality providers, price protection through reference-based pricing, and leading stop-loss insurance rates. Navigating healthcare can be incredibly complex and frustrating, as highlighted by the survey results—over one-third of respondents reported having to contact their doctor or health insurance provider about a billing issue in the past 12 months. Imagine360's comprehensive, proactive support for members across their healthcare journey has led to a 98% satisfaction rate. About Imagine360 Imagine360 is an alternative health plan addressing the greatest challenges on behalf of self-funded employers: healthcare costs are harming the bottom line, increasingly unaffordable for employees, and the experience remains poor. Imagine360's innovative payment model includes preferential contracting with providers and health systems, and additional price protection through reference-based pricing, saving employers 15-30% on average compared to the national carriers. With more than 17 years' experience, and 25-million-months of member data, Imagine360 offers care coordination and medical management to proactively guide members through the complexities of healthcare. Learn more at and connect with us on LinkedIn. View original content to download multimedia: SOURCE Imagine360
