Benefits advisors serve as advocates for change by encouraging employers to adopt personalized health initiatives.

Increasingly, health system consolidations, which must balance short-term and long-term financial goals, are focused on value-based care, which promotes better care for patients and improved health outcomes at reduced prices.

The Biden administration has announced that it has finalized a new regulation that curbs the use of short-term health insurance plans that do not comply with the Affordable Care Act, limiting the plans to 90 days.

"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.