As COVID cases continue to increase to unprecedented heights- hitting a peak of ~75,000 new cases in a single day in the US just several days ago- I imagine many employers are starting to decide how their employee benefits will change as a result. According to a survey by a benefits consulting firm, Mercer, 37% of employers do not anticipate adjusting benefits for 2021 while 48% are still monitoring the situation. 12% of respondents expect they will have to take moderate cost-saving measures while another 3% anticipate taking significant measures, the June survey also showed. Something that a lot of companies are starting to opt for, which I believe has probably led to a decent amount of cost savings, is the use of virtual or telehealth programs. I really anticipate those services skyrocketing in popularity by the end of this pandemic. Mental health seems to be a big concern for a lot of people, which makes sense since this is a very stressful and uncertain time, and telehealth services and expansion of mental health care is going to be really essential in my opinion. More important than anything will be transparency on the part of the employer/ making sure employees know what to expect far in advance. What kind of changes do you see taking place when it comes to benefit packages?
Interesting that 37% do not anticipate adjusting benefits, considering how much is going to cost insurance companies. Of course, this cost always ends up getting passed on. I think you are right about telehealth taking off as the result of the pandemic. Although, it existed before COVID, people were still used to getting healthcare the traditional way. However, the necessity of social distance created exposure to the type of service telehealth provides. After experiencing it’s upsides, I think many consumers will continue using it.
Also, it is possible that would could see a case for some sort of nationalized health insurance in parallel to the privatized market.
In reference to the mental health point, I know I received a mailer the other day regarding the telehealth option at my company starting to offer mental health services. It comes at a cost, but it is much less in relation to traditional Therapist or Psychologist costs. Many health insurance options don’t cover therapy or counseling, and if they do it’s generally after the deductible has been hit. Since that is high, many don’t hit it and pay out of pocket for their mental health services. A number of Therapists or Psychologists offer “sliding scale” options, but even this isn’t much and if you’ve dealt with unemployment during the pandemic this is likely still out of reach.
You’ll hear people say “I don’t think you can put a price on mental health,” but there is a monetary price and it’s high! During the pandemic we’ve heard of those who are stuck home that struggle with addiction, maybe live in a home dealing with domestic violence, depression, etc. I think mental health care is very important now to help people find and maintain their strength in a tough time. I’d love to see employers, or more specifically health insurance providers, find a way to make this accessible to people. I’m not sure exactly what that would look like, but it’s a thought!