2021 Employee Benefit Trends
Our friends at NAPEO released trends to watch out for as reported by Employee Benefit News; highlights from the full article below.
Increasing Health Insurance Premiums Employers will likely start shopping and looking for more cost manageable healthcare plans as health insurance premiums are trending 54% increases over the past 11 years as reported by the Society for Human Resource Management (SHRM). SHRM also reported, "Employers expect a moderate health plan cost increase next year of 4.4 percent, on average, compared to this year, according to early results...". The concern here is that this trend of continued increase is outpacing the consumer price index and wage growth.
Telehealth We have seen a large uptick in the push and use of telehealth with the COVID-19 pandemic. 2021 will continue to grow this field of medical care. Telehealth benefits have been able to provide medical coverage for acute, chronic, primary and specialty care.
Personalized Benefits Packages Companies may start offering more non-medical offerings for a more customized employee benefit packages. Packages will start with the basic health insurance and paid time off benefits and expand to include optional add-ons like pet insurance, short-term disability, access to legal services, whole or term life, hospital stay, accident insurance to mention a few.
Mental Health Employers are waking up to the mental health wellness of their employees and how it can be a direct impact o their organizations. Employers are educating themselves on reducing workplace stress. Many benefits package now include behavioral health with both onsite and virtual medical plans.
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