Cost-Containment

Consolidation in health care has evolved and hiring people who can "help us look under the hood" of some inscrutable algorithms was a priority, said Lina Khan, chair of the Federal Trade Commission.

At the recent Broker Expo, three advisors shared their experiences creating plans centered around a key theme: leveraging local health care providers.

Knowing what is on the minds of workers can help benefits advisors, carriers, and others position conversations and strategies that lean into workers' thoughts and provide solutions to address them.

"Employers can reduce benefits expenses while simultaneously boosting employee engagement by implementing cost-effective and impactful benefits strategies," says Leia Spoor, clinical director of employee benefits of Holmes Murphy.

Employers may be hearing rumblings that it's time to move on from the legacy PBMs in light of government inquiry and an employee-brought lawsuit. Here's how to know when it's time to move on—and what to look for in a new pharmacy benefits solution.  

There are programs that aim to address today's immediate financial challenges and focus on long-term financial freedom/security for tomorrow.

Do executives believe advisors engage effectively with leadership? Do they feel their health plans are fairly priced, expensive or extremely expensive? And what does the C-suite really think about you?

While it can feel daunting to strike a balance between optimizing employee care and financial stability, the solution lies in a proactive approach powered by data analytics and targeted care coordination.