Providing for Multi-generational Health Needs

BY NICK MORIELLO

For the first time in history, we’re seeing five distinct generations in the workplace, all needing and desiring different support from their employers. This also means a variety of health philosophies and health concerns. A big part of being able to work well and enjoy any phase of life is having health insurance coverage that aligns with your personal goals, helps you stay healthy, and provides peace of mind if you are sick or injured.

We’re heading into open enrollment season, so now is a good time to assess the needs of the members of your workforce, both individually and holistically. It may make sense to explore if there are more cost effective or better fitting options available.

There several types of coverage: Fully insured, where employers pay a premium for an insurance company to handle medical bills, minus any deductibles or cost sharing the covered person would pay; Self-funded, where employers pay medical claims and use a third party to administer the plan; Level-funded programs: a combination of the previous two; Association plans, which are administered through an association on behalf of members and can be any one of the first three categories; and Individual Coverage Health Reimbursement Arrangements (IHCRAs), where employers provide a defined contribution to employees, who then purchase individual plans.

Fully insured programs for small employers in Delaware have experienced very low, single-digit premium changes year over year 2019 through 2023. Individual insurance policies available on the healthcare.gov Marketplace have seen rate decreases in recent years, and the market has become more competitive with additional insurers participating in Delaware in 2023. No matter what you choose, insurance brokers and consultants, including many who are State Chamber members, will be able to help. There are also resources available regarding individual and family plans for those who are self-employed.

An important part of our workforce is made up of the Silent Generation and Baby Boomers. Employers may want to consider how to support this demographic as becoming Medicare-eligible can be overwhelming. Different rules that apply for those continuing to work and those looking to retire.

Most people who opt to retire can enroll in Medicare, the federal health insurance program designed for retirees, when they turn 65. Some who are under 65, but might be dealing with certain disabilities and illnesses, may also qualify. There are also Medicare Supplemental plans, which compliment Medicare Parts A and B; Medicare Advantage plans, or Part C, which are offered by private health insurers; and Part D for prescription coverage.

Employers should consider whether to offer benefits to those who retire from their company, as well as what resources they might be able to offer those who are delaying retirement in determining the best coverage options. Factors include, but are not limited to, the size of the employer, the individual’s preference for Medicare versus company-sponsored plans, and whether the individual has access to coverage through a spouse.

Having a solid benefits package continues to be an advantage in recruiting and retention. While this new multi-generational workplace presents certain challenges, it is also a great opportunity for creating stronger companies and a more inclusive work culture. But we can only succeed when our teams are physically healthy and mentally well.

Nick Moriello is president of Highmark Blue Cross Blue Shield Delaware.