Live preserver with dollars It’s natural to want to defer any major decisions or changes until next year, but this would mean a lost opportunity to new tax savings options for plan participants and lower costs for employers at a critical 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 with shelter-in-place restrictions). There’s unprecedented unpredictability of what’s to come – just as routine yearly benefits 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 the underlying situation – health care is evolving, permanently. Benefits offerings must keep up to better accommodate employees and further reduce employer health care costs. The one-solution-fits-all approach is over and done with.

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