The Power of Benefits

Health coverage covers more than just an annual check-up

BY NICK MORIELLO

IT SEEMS LIKE EVERY COMPANY is hiring, but positions aren’t being filled. The reasons are varied and sometimes have nuances between different industries, but for any business leader, it’s about finding good people and then keeping them.

This isn’t news, but more and more we are learning that benefits beyond a paycheck are driving factors for jobseekers. Flexible scheduling, remote work offerings, and attention to mental wellness and whole family units can be differentiators when attracting and hiring qualified team members. One benefit that people continue to place a high value on is health insurance. Why? Almost everyone will need health care services at some point. Without it, a person could be left paying the entire bill out of pocket or forego care altogether.

Living with a chronic illness such as diabetes or asthma can also be costly. The American Diabetes Association estimates that the average annual cost of diabetes is $16,752 in medical expenses per person. Without health insurance, people with chronic conditions may have to carry the full burden of those expenses.

As conditions and health issues like these continue to rise, many insurers now offer access to tools that help with diabetes management, smoking cessation, exercise goals, and nutrition. There are also more virtual care options and increased access to mental health support. There are many services and resources available, and insurers will work closely with businesses to help educate, enroll, and empower their team members to get the most of their care plans.

Health insurance is more than just covering costs. Plans and programs can help keep a workforce healthy and productive. By incentivizing preventive care, providing access to holistic approaches to wellness, and leveraging technology, employers can help their workforce maintain and improve their health. This could mean fewer sick days, less burnout, and lower stress.

Here are some questions to consider when shopping for coverage:

• Do your current plan offerings fit the needs of your workforce? A large manufacturer, for instance, may need different coverage than a small start-up tech company.

• Is your health insurance helping to improve and maintain everyone’s health? Affordable prescriptions, wellness programs, and mental health services can collectively keep your workforce healthy and may reduce costs by preventing more serious conditions.

• Does your team have coverage for the doctors and hospitals they trust? Having the right network of providers is important, including specialists, dental and vision, and flexible geographic coverage.

Another thing to consider is whether your insurer and healthcare providers are utilizing value-based reimbursement (VBR) models. Unlike the historical fee for service model in which provider payments were based on how many services were provided, such as visits or tests, VBR programs adjust payments based on quality of care, patient experience, and improved outcomes.

While many factors influence an individual’s choice of employer, you can help attract and retain talent with benefits that not only keep people healthy but improve quality of life.

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