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3 Ways Businesses Can Lower Healthcare Costs for an Older Workforce

February 25, 2020

It’s a fact of life: Healthcare generally becomes more expensive the older we get. Statistics show the American workforce is maturing – and employers should take notice. According to the Bureau of Labor Statistics, the median age of employees in the U.S. has steadily risen, from 38.8 in 1998 to 41.9 in 2018. That number is projected to keep rising. In response, there’s a growing focus on how to keep healthcare costs low for both individuals and their employers.

Managing out-of-pocket costs and keeping employees happy is imperative for businesses with an aging workforce. Here are three key ways businesses can keep healthcare costs low.

Empower Employees with Technology

We are impacted by technology in every facet of our lives – and it has expanded access and improved the quality of healthcare across the map.

With the advances in telehealth packages, employees can consult a healthcare provider from the comfort of their homes – it’s an invaluable and affordable tool employees appreciate. Furthermore, predictive analytics tools allow employees to navigate their own personal healthcare journeys through discovery of the best treatment options via guidance from artificial intelligence.

We shouldn’t assume older workers are resistant to new, future-focused tools. Research shows older patients are flexible and open to novel technologies – especially if it makes accessing care safe and convenient.

Emphasize Healthcare Education

Becoming better-educated healthcare consumers is crucial to both lowering costs and ensuring appropriate care.

Every employee has different needs – whether they’re younger or older, male or female, savers or spenders. Because there is no “one-size-fits-all” solution when it comes to healthcare, employees should be knowledgeable about the vast number of tools and resources available in the market today and what’s best for their individual life circumstances.

Moreover, employees should understand how their healthcare decisions ultimately affect how much money an employer is taking out of their paycheck. Many healthcare plans include cost-estimating tools for health conditions or treatments; they allow the employee to make informed comparisons between care options and providers within a specific geography.

Engage with Insurance Consultant

One of the best ways employers can maintain affordable healthcare costs is by talking to their insurance consultant. It’s the consultant’s job to help businesses formulate, implement and execute the best strategy for businesses and their employees. Insurance consultants can help employers uncover savings opportunities and make decisions that benefit their workforces and their bottom lines.

Because the healthcare world is constantly shifting, insurance agents can serve as a resource when it comes to the latest healthcare technologies, policy changes and legislative developments. By using cutting-edge reporting and analytics tools, they assist businesses in making the best healthcare choices now and in the future.

At Lovitt and Touché,we recognize that our clients’ unique demographics, ranging from their belief systems and culture to healthcare goals, all play a critical role in determining the most appropriate and effective benefits program. We also offer unparalleled technical knowledge and customer service when it comes to navigating the complex world of employee benefits; contact us to learn how we can partner to lower your company’s healthcare costs.

Learn more about our employee benefits solutions here.