WHY THIS MATTERS?
Health and wellness greatly impacts career development and financial wellbeing and vice versa. Are you prepared or doing all you can to support your health today and tomorrow for longer years of work?
- Consumer directed health insurance through HSA’s are allowing consumers in states like Texas and Tennessee to negotiate cash discounts for health services and allow for those payments to count toward their insurance deductible. Source: 88th Texas Legislature, H.B. 2002 and H.B. 1687
- In an era shaped by rapid change, global uncertainty and increasing awareness of mental health’s role in organizational success, an Employee Assistance Program is no longer a luxury — it’s a strategic necessity toward achieving positive business outcomes, such as enhanced financial performance and lower employee turnover. Source: WTW
- Employers who provide ICHRA’s benefit from a more predictable health care spend, allowing them to offer more lifestyle spending benefits in demand by workers. Source: HRA Council
Pursuing health in America today is a challenge. A lot of forces are at work against us. We have choices in the foods we eat, but how do we understand all the information and know what is good and what is bad for us? For those who want to eat healthier, options can be limited or cost
prohibitive.
Americans are more stressed, busier than ever, and suffering more today from behavioral and mental health concerns.
We have exceptional medical providers but accessing the right care when we need it most can be elusive. We spend an increasing amount of money on health insurance and yet people seem more unhealthy and unhappy as ever. Obesity rates have tripled over the last three decades.
SOLUTIONS
- Treatment for a mental health condition should receive the same equal treatment as a physical health condition but parity is lacking in insurance and billing differences.
- We have yet to see the full potential of employee assistance plans (EAP’s) to help further advance mental health treatment.
- Growth of triple tax advantaged health savings accounts (HSA’s) show positive correlation in helping to control over-insurance premium costs in the near term through consumer-directed care, as well as provide security for long-term health costs in the future.
- Individual Coverage Health Reimbursement Arrangements (ICHRA’s) show promise in lifting up those who may have lacked coverage before. They also can provide greater individual choice, ownership, and stability than most group plans. The ability for employers to have a more predictable health care spend through direct contributions also enables them to have greater resources available to offer other employee benefits that are in demand by their employees.