Planning for the unknown can be a challenging feat. For the upcoming 2021 employee benefits plan year, employers are going to face a new set of challenges they may have never faced before. As the pandemic is still ongoing with no clear end is in sight, employers will have to decide on plans during this time. Employers will have to determine where and how to allocate certain costs while remaining cognizant of the climate that their employees reside in.
Knowing the medical insurance trends for 2021 can lend a helping hand to employers during their planning, as these trends can allow for a certain amount of insight into the minds of their employees. These trends can help employers not only choose parts of their plans but also help to communicate these changes to their staff.
How COVID-19 Has Changed Insurance Needs
A few apparent changes have emerged due to the COVID-19 pandemic. Most companies were forced to resort to remote work or shut down momentarily, shifting a change to employee needs. Staying home and minimizing the time spent in public has lowered the need for benefits in certain areas while increasing the needs in other areas.
As an employer, planning for the 2021 employee benefits may seem a difficult task. This upcoming year will definitely pose unique challenges, as the outlook post-pandemic is still unknown. Thankfully, certain needs and trends have begun to develop.
Medical Insurance Trends To Look Out For In 2021
In order to determine coverage needs, popular trends for the upcoming year have begun to emerge. These trends are based on the specific needs, wants or predicted coverage areas employees are going to require. To prepare yourself for planning, New City Insurance has gathered the relevant and popular trends. Let’s take a look at the upcoming medical insurance trends for 2021:
Mental Health Coverage
Mental health has become a popular priority among employers within the past few years. Almost all Affordable Care Act compliant plans will include mental health coverage. In the wake of COVID-19, an even larger emphasis will be put on this issue. The pandemic has increased levels of anxiety and social isolation among both employer and employee. Explaining this coverage to your employees is important. They should be made fully aware of the coverage they hold, and how to access it. Encourage your employees to utilize the mental health services, especially now when they could need psychological support during the pandemic.
Expansion Of Telehealth Programs
The COVID-19 pandemic has created an unprecedented demand for online doctors visits. Individuals have chosen to avoid doctors offices in risk of exposure to the virus. While telehealth has slowly been gaining traction for years, the pandemic pushed it into overdrive. This past year has exhibited the equivalent of 10 years of growth for the telehealth industry. The telehealth revolution has been pushed forward drastically, and there’s no end in sight for the growth. In 2021, this exponential jump is expected to continue. Employees have seen telehealth as a beneficial alternative to in-person appointments. Many carriers are including telemedicine office visits as part of their medical plans. Employees can typically access these visit options through their carrier app.
Adding Or Expanding Voluntary Benefits
Voluntary benefits are benefits that are offered in addition to the core group of benefits an employer offers. Common examples of voluntary benefits include life, accidental death & dismemberment, disability, critical illness, and accident. By having these voluntary benefits available in your 2021 plan, you allow employees to strengthen their coverage for specific areas. Depending on their needs, voluntary benefits are a great option for your workforce!
Seek Proper Coverage With New City
Figuring out the best coverage for your employees can be difficult. Before you get started setting up your 2021 benefits, make sure to take into consideration the medical insurance trends for 2021. These trends can help you to understand what your employees need and what they’re really looking for in a benefits package. When a company has appealing and proper benefits offered, they have the opportunity to improve their employee retention rates as well as attract new talent.
Employers who are about to get started choosing coverage packages should reach out to New City Insurance today. Our talented team will ensure you have the proper coverage needed, and keep you up-to-date with the industry trends. Our agents are well-versed in medical insurance trends and work to provide our clients with the best-fitting package for their needs. Don’t wait, keep up with medical insurance trends today! Reach out by phone at 888.210.2759 or request a consultation online to speak to one of our qualified agents. We look forward to hearing from you.