December 18, 2015

5 Employee Benefit Trends in 2016, Financial Wellness and more in CarePayment’s News You Can Use

By CarePayment

5 Employee Benefit Trends to Watch in 2016Employee Benefit Trends 2016

U.S. News and World Report shares five employee benefit trends that we all should expect in 2016. One of the trends include financial fitness. Employers are focused on providing services to their employees for money management. Reducing stress towards finances can help boost employee morale as well as productivity. Another trend is the rise of high deductible health plans. More and more employers are shifting costs toward their employees for healthcare. These plans are paired with a health savings account (HSA) allowing employees to save money for unexpected medical needs. Other trends include wellness programs, greater clarity on retirement accounts, and an increase in automation and integration of benefits.

2016: The Year of Financial Wellness

It’s been known for years that diet, exercise, and stress are important factors in managing health. Researchers are now beginning to understand that financial worry might be the worst kind of stress, and the most impactful to health. An article at Huffington Post reports that 82% of adults over the age of 40 reported fearing death less than they fear running out of money. And a majority of survey respondents ranked money a greater stressor than work, family responsibilities, or health.

The Growing Problem of “Financial Toxicity” in Cancer Care

A recent study published by the American Journal of Managed Care suggests that the financial problems faced by cancer patients impact adherence to treatment plans and contribute to poorer health outcomes. The researchers suggest improved cost transparency, access to financial assistance and financial planners as well as the real-time measurement of financial burden as potential solutions.