Separate studies have uncovered two new things employers should be doing that can start saving them big bucks on healthcare costs.
They are:
1. Helping the aging retire on time
It’s no secret employees are planning to retire later. That may be better for workers’ 401(k)s, but it’s bad news for your health plan.
After analyzing its client data, Lockton Retirement Services found healthcare costs for employees over the age of 65 are more than double that of employees age 45 to 55.
In addition, a National Council on Compensation Insurance study found the average claim costs for older employees hurt in a work-related accident were more than twice as high as claim costs for younger workers ($27,000 v. $12,000 on average).
The solutions: Help employees improve their retirement outlook — whether it’s by reinstating or upping a 401(k) match, or providing more retirement or investment education.
The long-term savings of such programs could vastly outweigh the short-term costs.
2. Provide urgent care education
Trips to the emergency room aren’t cheap. But when employees seek spur-of-the-moment medical treatment, or treatment during odd hours (like early in the morning or late at night), the emergency room is where they often turn.
One reason: They are unaware that they could be using less-expensive urgent care facilities instead.
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