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Increased spending and COVID-19 impact 2020 benefits landscape

The benefits challenges employers face may not be changing much, but COVID-19 will affect how employers tackle them.

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Electronic medical concept The pandemic is also accelerating a digital transformation in how employee benefits are accessed and managed, as more services are moving to a virtual platform. (Photo: Shutterstock)

The outbreak of the COVID-19 pandemic that swept across the US mid-March has influenced many aspects of the benefits landscape in 2020, as we witness overall increased spending, particularly in terms of mental healthcare costs, according to the “US Benefits Trend Report 2020,” recently released by insurance broker and consultant NFP.

Containing the costs of medical and prescription plans, helping employees manage financial stress, ensuring employees are protected, and supporting a healthy and engaged workforce are not new objectives, but COVID-19 will affect how employers work to achieve them, according to the report.

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