93% of organisations are actively seeking ways to reduce healthcare spending
A quarter of them, however, are unaware of what to do.
More than nine in 10 (93%) organisations are looking for ways to reduce their healthcare spending; however, some (28%) of them are unaware of how to.
According to Mednefits' 2022 Employee Benefits Trends e-book, most companies prefer to create a flexible benefits spending account (58%), digital benefits platform (36%), or offer co-payment to their employees to reduce spending on healthcare.
Whilst organisations are keen to implement a flexible benefits model, they find it difficult to craft a plan that is customisable to each employee’s need.
HR decision-makers said they are also unsure if employees prefer the flexible model (71%). Some think doing so will create friction within the company (66%).
Mednefits said a flexible benefits model allows companies to have better financial control when providing medical benefits, meet each employee's unique needs, and stand out amongst job-seekers.
Currently, the most common types of medical benefits provided by companies are hospitalisation/inpatient care (69%), GP/outpatient care (71%), and health screening (56%).
Companies spend an average of US$900, US$371, and US$430, respectively, for these benefits.
Some of them (19%) also showed interest in providing wellness benefits to employees. One in three companies is willing to pay more than US$2,000 for wellness.