With the desperate need to control healthcare costs, employers are eager to have a solution that allows them the advantage of large numbers but the autonomy to create their own destiny. The current constraints and opaque pricing models of the provider-payer relationship as well as “secret” PPO contracts have yielded a healthcare system that is confusing, hard to navigate and, in some situations, bankrupting to healthcare consumers. These days it takes an employee benefits consultant who understands how to think around problems before they ever really become problems.
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Perhaps the most notable change in this movement toward self-funding is the number of smaller employers getting in the game. Although most of these are level-funded arrangements, employers see the value in gaining control of their plan with a focus on what’s important to their specific employee base. Plus, the tax advantage isn’t bad either, as state taxes are eliminated on most self-insured plans.
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Diabetes is affecting over 29 million people in the United States. That's 10% of every man, woman and child and according to the Centers for Disease Control, another 86 million have pre-diabetes and some don't even know it. Of the $245 Billion being spent annually on the treatment of diabetes and its complications you can bet some of that money is coming out of your health plan. At Custom Benefits Solutions, we work with our employer clients to develop a wellness strategy that helps employees with diabetes to better manage that disease and reduce their employer's financial burden associated with it. #custombenefitswork
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Research has shown that employee engagement is clearly linked to an employee's well-being, so it makes sense that companies are focusing on wellness initiatives. But a person's well-being is impacted by much more than their physical health. What about mental and emotional health? Many employees experience near-constant stress because of financial, medical and legal issues that can eat away at their overall well-being and even cause physical issues like high blood pressure, heart disease and stroke.
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As Bill Gates once said, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next 10. Don't let yourself be lulled into inaction.”
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