Retaining, Attracting Top Talent Throughout Stop-And-Start Healthcare Reform
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According to the recent KeyBank Middle Market Business Sentiment survey, retaining coverage for pre-existing conditions is the most vital feature for successful long-term healthcare plan reform. More than 90 percent of those surveyed identified pre-existing coverage as being a somewhat or extremely important factor in long-term healthcare plan reform.
Second on that list of "must haves" is eliminating annual or lifetime limits on most health plan coverages, followed by requiring insurance plans to provide at least essential health benefits for 10 specific health categories and expanding preventive benefits offered via Medicare.
Eighty-four percent of those surveyed consider eliminating annual or lifetime limits on most health plans coverages to be somewhat or extremely important, while 82 percent consider essential health benefit provisions and expanded Medicare preventive coverage to be somewhat or extremely important.
"Employers know what matters most for their people, so it's not surprising to see pre-existing conditions and the other factors characterized as essential elements for long term success," said
"Regardless what happens to the law, we're looking for businesses to shift even more focus on maintaining strong employee benefit programs. While healthcare reform remains on the horizon, business leaders are putting themselves in a better position to manage change and the risks change to their employee benefits," Fasone said.
But middle market leaders surveyed are united on one front - retaining and attracting top talent. According to survey results, those middle market business leaders looking to expand operations will do so by adding employees rather than acquiring other businesses, adding facilities or buying equipment.
"Middle market business leaders are caught in a squeeze play between employee priorities, healthcare costs and regulatory uncertainty," said Fasone said. "But you can't manage your business through market swings. You have to manage your business through constant risk mitigation strategies, regardless of the final outcome of this legislation."
For example, Fasone said, research shows workplace financial wellness programs are gaining currency with employers who see the connection between employee job performance and personal finance issues. Money worries can affect worker productivity, attendance and physical health.
This material is presented for informational purposes only and should not be construed as individual tax or financial advice. Please consult with legal, tax and/or financial advisors.
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