A recession can be hard on you as a business owner to find the right balance between supporting your employees and keeping your business profitable.
If you are sponsoring a health benefits plan, it’s crucial to build in cost controlling aspects to help keep your plan recession-proofed.
Here are some cost control features to include in the plan to help beat challenging times:
Smart Rx Solutions
Employees receive a higher degree of coverage for choosing lower cost options – often this means choosing a generic drug over a brand-name drug, or trying lower cost options before moving on to higher cost prescription drugs. This helps keep rates more predictable.
GroupHEALTH partners with Telus Health Virtual Pharmacy – an online pharmacy platform that manages prescriptions in an easy and convenient way.
Disability Management Services
Disability management services are both an extra support for your employees and a cost control mechanism. These services go hand in hand with long-term disability coverage and are based upon the idea that early intervention is key to helping employees return to pre-disability health.
At GroupHEALTH, the Disability Management Institute helps to get the employee back to work as soon as they are able. This helps shorten the length of the disability claim, saving you and your company money and resourcing.
Employee and Family Assistance Program (EFAP)
Just like disability management services, an Employee and Family Assistance Program (EFAP) supports employees but also helps control costs. The program offers free, short-term counselling and around-the-clock access to mental health professionals.
At GroupHEALTH, this tool helps manage costs related to disability claims and absences that can stem from mental health challenges. Moreover, the program offers free financial advice, financial calculators, budgeting, and counselling for your employees.