For a large number of employers, the exceptional economic pressure placed on them during 2020 has only heightened the annual challenge of managing costs relating to their company’s benefit programs. Although various vaccines and treatments are on the near-term horizon, the long-term impacts of the COVID-19 pandemic remain largely unknown. Virtually everyone expects health care premiums to increase in the months ahead, but the severity of increase is less known. Of course, even if health care premiums remained relatively flat, employers may still not be able to comfortably fit them in their budget with revenues mostly down over the past several months.
With so many uncertainties, many business owners are struggling to come up with a way to prepare. From our perspective, the following three strategies can prove pivotal for employers when developing effective, long term strategies in the current climate:
- Incorporate a painstakingly thorough approach to employee benefits
- Take advantage of any available digital healthcare technologies
- Incorporate new and creative strategies to manage the predicted volatile trends in health care costs and their impact on insurance premiums.
My Benefit Advisor (MBA) guides employers of all sizes through planning, communicating, and managing a successful employee benefits program. We are ready to help you find the solution that fits your needs, from group insurance to individual coverage. For more information about MBA, contact us.