Employee benefits programs are now coming under pressure from spiraling inflation rates. Organizations need to control the cost of their benefits programs holistically, through better management of people risk, employee well-being and medical claims.
It’s never been more important for employers to look after the health and well-being of their people. But in the current global economic crisis, the cost of doing so is growing. In these volatile times, firms must prioritize innovative solutions for tackling workplace well-being in a cost-effective manner.
The COVID-19 pandemic highlighted the importance of keeping employees safe, healthy and productive. But employee benefits programs are now coming under pressure from spiraling inflation rates.
Rising energy and food costs are exacerbating medical inflation. Medical claims are surpassing prepandemic levels, while COVID-19 continues to make many medical cases more complicated.
As a result, ailments are becoming more frequent and lasting longer, accelerating treatment costs. Nurses cost more; doctors cost more; medicines cost more.
Our Health Trends report found that insurers expect medical plan costs to increase globally by 9.5% in 2022 as we face ongoing uncertainty about the future.
So what should employers do? We suggest taking the following three steps:
Health on demand
Employers who show they care have an advantage to create a more resilient and loyal workforce. Modern health and well-being benefits can help.
MMB Health Trends 2023
Get an in-depth look at the latest medical trends and learn how you can respond to them by downloading the full report.
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