Prescription drug costs are the fastest rising component of any healthcare benefit program offered by employers. The rate of increase for both brand name drugs and popularly known generics (such as Atorvastatin, a generic form of the brand name drug Lipitor®, used for high cholesterol treatment), which were designed to keep down costs, has far outpaced the rate of cost growth compared to other aspects of your healthcare spending.
5 min read
If someone were to mention “tourism” alone, this conjures up thoughts of sunny beaches, fun, relaxation, blue waters, and sinful indulgence (within reason of course). If the same person were to mention “medical tourism,” a term that refers to a type of travel for treatments that are elective and generally of an acute nature, you may be puzzled as to why someone would consider mixing tourism travel with medical treatments. The simple answer is to reduce costs and seek care that may be of a standard and/or quality that is better than what you may receive in your home country.
3 min read
Quality of benefits is linked to organizational productivity and employee retention, both of which have been proven to indirectly impact the bottomline. To generalize, better benefits equal happier, healthier people, which means they are more likely to work harder and stay longer. However, healthcare, as one of the top expenses organizations incur, is also directly linked to an organization’s financial health.
3 min read
HR professionals, especially at smaller organizations, often take on multiple roles that range from strategic planning to tactical execution. In addition, they are also responsible for supporting employee health, wellness and satisfaction. It’s candidly a lot of work, and the nature of their position is unique and challenging and can impact the culture and productivity of the organization as a whole. Supporting your HR team with optimized tools, technology and systems can help them keep pace with day-to-day responsibilities, while staying focused on the bigger picture at the same time. Your benefits adviser should be a key part of your high-impact HR team.
3 min read
Recently, the COO of a prospective client succinctly brought to light one of the primary challenges organizations face when purchasing employee benefits: How do you know your broker has your best interest in mind when he or she presents a benefits plan for your organization?