It's been nearly two years since the coronavirus made international headlines - and it looks like it might be staying well into the new year. So what do small business owners like you do to keep staff safe, healthy, and happy amid rising healthcare costs, holiday shopping, and expensive benefits packages? Is your company's budget big enough to handle the complex healthcare consequences of the pandemic? Are employees growing more interested in benefits like increased paid leave and medical insurance?
Employers can find the answers to all these questions by studying 2022's health cost and wellbeing trends - which we've distilled and listed below for concerned bosses across the United States.
1. People are getting less healthy.
The prolonged period of isolation at home has resulted in the population decreasing exercise, displaying poor nutrition and mental health, and increasing substance abuse. This lack of attention to physical and mental health has resulted in increased healthcare spending.
2. Medical plan costs are going up.
As a result of poor self-care measures, a recent survey conducted by Segal Health found that 2022 would likely see an increase in medical plan costs. The major drivers for this include provider price increases and specialty drugs.
3. Virtual care with in-person integration is a new reality.
The past couple of years have cemented the role of virtual health care. However, telehealth services aren’t yet fully developed or adopted, which means that good quality healthcare is still largely reliant on in-person services. When onsite clinics rebound after the pandemic settles, as expected in 2023-2024, providers and patients will undoubtedly benefit from the increased accessibility and convenience that virtual care provides.
4. Mental healthcare challenges continue to surge.
Current mental/emotional health care challenges have intensified due to the lockdowns and restrictions, with a marked increase in anxiety, stress, substance abuse, and isolation (particularly in children/adolescents). Ensuring that employees are provided with adequate, practical resources to deal with these issues will be a significant and ongoing issue for many employers.
Reach out to the team at NY Small Health to learn more about employee benefits, healthcare costs, and all things commercial health insurance.