Warren Buffett said, “there are two sides to every coin…price and value. Price is what you pay, and value is what you get.”

In today’s healthcare system, there is a broad range in both price and value, and unfortunately, traditional health plans do not effectively support members consistently using high-quality, affordable providers and facilities.

On the value side of the coin, there are several reputable quality measures that consistently demonstrate wide variability in safety scores, infection rates, and overall health outcomes – even between two hospitals within the same system! And the statistics on unnecessary care, overuse of testing, and misdiagnosis are staggering.

In 2017, legendary investor Warren Buffett famously stated, “Medical costs are the tapeworm of American economic competitiveness," indicating in no uncertain terms that rising healthcare costs are the number one problem facing American businesses. Currently, healthcare spending represents approximately 18% of America’s total Gross Domestic Product (GDP) and nearly double per capita compared to other developed countries. To make matters worse, life expectancy is far less than that of comparable nations even after adjusting for age and non-treatable causes of death. Despite these facts, the cost of healthcare continues to rise, consistently outpacing inflation and overall economic growth. Whether you are a business owner, community leader, or industrial worker, you can relate to the pressure from rising healthcare costs and its consequences.

Landmark legislation was passed by U.S. Congress which includes exciting news regarding student loan contributions.

Nicole Fallowfield, Principal at Gibson, discusses incentives to motivate employees to better health when no matter what, health care cost continue to rise. To hear what Nicole has to say, check out the video below:

Today we’re sharing insight from guest blogger Peter Welsh, Director of Retirement Services for Thurston Springer. We hope you enjoy Peter's wisdom and perspective.

Whitney Trent, Wellbeing and Engagement Strategist at Gibson, discusses how increasing healthcare costs, high rates of employee absenteeism, turnover, and decreasing employee engagement can impact not just your employee wellbeing, but your organizational wellbeing as well. To hear what Whitney has to say, check out the video below: 

According to the Greek philosopher Heraclitus, “The only thing that is constant is change.” This certainly rings true for the year ahead in the world of employee benefits and human capital management. While not an exhaustive summary of the changes to come, the following touches on some of the key trends and area of focus for employee benefits in the near future.

From our employee-owners to you and your family, we wish you a safe and joyous holiday!

Jordan Friesen, Client Executive in the Employee Benefits Practice at Gibson, discusses Employee Assistance Programs, also known as EAPs, and why it is necessary to offer your employees easy access to mental health services, online wellbeing resources, and financial education services. To hear what Jordan has to say, check out the video below: 

Ashley Walsh, Benefits Consultant at Gibson, discusses Health Savings Accounts, also known as HSAs, specifically the benefits of health savings accounts. To hear what Ashley has to say, check out the video below: