Cost Effective Ways to Help Employees Manage Inflation
As inflation begins to cool, we now have a clearer picture of the troubling effect that rising costs throughout the economy have had on the health of Americans. Health care costs have been increasing for decades, but have become too much for many to afford when paired with heightened consumer and housing costs during recent years. A Kaiser Family Foundation survey from 2022 found that 41% of all Americans carry some form of medical debt.¹
This squeeze on wallets across the country has revealed another troubling trend: a record number of Americans are now forgoing care. A recent Gallup poll showed 38% of Americans had foregone medical treatment in 2022, the highest number since Gallup began tracking these statistics in 2001.² Delayed care results in increased levels of chronic conditions that are difficult and costly to treat. So how can employers help their employees access and pay for care when employers’ costs are also rising?
Employers cannot miss opportunities to engage and educate their employees about benefits that are already in place, and may be underutilized. Annual wellness exams, well-woman visits, child immunizations, and dental and vision check-ups are the first line of defense in preventing chronic conditions from occurring, and come with zero or limited out-of-pocket costs for employees on most health plans. It is also important for employers to continue to promote wellness and mental health resources that are available for employees throughout the year, not just during open enrollment.
Allowing remote work where possible can help employees save on commuting and other lifestyle expenses, and may reduce overhead costs for employers. Spending account benefits can help employees pay for the costs of their care when money is tight. Mobile and other digital tools are valuable options for employees feeling the stress of inflation and can provide 24/7 access to low-cost telemedicine care, remote mental health visits, and resources to manage chronic conditions.
Many employers are already offering benefits that can alleviate the crunch felt by inflation. Consistent education and increasing access to these benefits will maximize their positive impact on employees’ physical, mental and financial health.