It'snatural to want to defer any major decisions or changes until nextyear, but this would mean a lost opportunity to new tax savingsoptions for plan participants and lower costs for employers at acritical time.
Speculation around the benefits cost impact of COVID-19 continues.Some are expecting a double-digit increase in health care costs,while others, a decrease (based on expected delayed services withshelter-in-place restrictions). There's unprecedentedunpredictability of what's to come – just as routine yearlybenefits reviews would typically be taking place for 2021.
The most common reaction is for employers and brokers to take a"wait and see" mentality. But this overlooks the reality of theunderlying situation – health care is evolving, permanently.Benefits offerings must keep up to better accommodate employees andfurther reduce employer health care costs. The one-solution-fits-all approach is over and donewith.
Don't delay your benefits review
To call the situation around us a distraction would bedownplaying the intensity of COVID-19. If you haven't had a virtualmeeting interrupted by a partner, child, or pet, you are in theminority. Also, it's not just you; internet connections around thecountry are degraded. So, trying to conduct business, asusual, is not only hard but nearly impossible.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
