Common Conditions Are Costly
In a study done by the Health Action Council, 24 months of claims data was gathered for members with chronic common conditions. This study revealed that 63% of members of the sample group have one or more of the following conditions: asthma, back disorder, diabetes, hypertension, mental health and substance abuse. Why would an employer care? These conditions are treatable and can be prevented. Also, $2.5 billion is the estimated cost to treat these conditions. As an employer these common conditions hurt your bottom line and overall employee efficiency. There are several ways to encourage employees to change their lifestyle and provide appropriate support. To review data and disparities within coverage you can view the complete research here.
As an employer, there are various things you can do to promote wellness, maintain healthy employees, and benefit your bottom line. As recommended by the Health Action Council here are some tips to prevent and treat common conditions for your employees.
1. Education and targeted wellness programs to target specific common conditions.
2. Incorporate stretching, exercising, and meditation into a work day to prevent any severe physical or mental health issues.
3. Re-evaluate your benefit plan design. What steps are taken in care before going to the most aggressive treatment option?
4. Cover medications for specific common chronic conditions as preventive care.
5. Understand the demographics of each common condition and target the audience which needs the most education and assistance.
6. Promote and provide virtual care when appropriate.
7. Work with a third-party administrator or medical expert(s) to identify opportunities for provider outreach and education on management protocols.
Why Get Your Employees Covered in the First Place?
There are various benefits of having coverage for your business employees that produce an efficient, happy, and healthy workplace. Below are some of the main reasons why you should get your employees health insurance.
Job satisfaction – With the right benefits, employees will feel cared for and in return will work more efficiently.
Premiums – Usually small group plans are less expensive than individual plans.
Tax deductions – As a business owner you can deduct the premium costs from federal business taxes and potentially qualify for tax credits.
Company health – Benefits and preventive care can allow for healthier and more productive employees. The common conditions previously discussed can all be prevented or treated.
Recruitment – Highly skilled workers are drawn to companies that provide health coverage options.
Overall, there are many benefits to having health coverage for your business. Maintaining healthy and happy employees will ultimately benefit the company long term.