A recent Mercer survey asked employers to rate health care priorities for the new administration and Congress. Prescription drug costs topped the list as the highest concern for employers. Support for telehealth, which has proven to be crucial during the pandemic, ranked second. COVID-19 support and improved transparency rounded out the top four priorities.
Under President Biden, there are some positive predictions related to healthcare including ideas designed to improve affordability and cost predictability. We predict prescription costs, medical billing, and transparency will be main focuses for 2021. However, it’s still uncertain what these changes will look like and when we can expect them.
If 2020 has taught us anything, it’s to be ready for anything. As the new administration begins to provide more details around their healthcare plan, make sure you’re prepared by considering the following:
- Wait and see. We don’t like waiting either, but many items have come on and off the table and until proposed changes become likely, employers may want to wait and see what makes it before shifting strategies.
- Stay informed. MMA is always closely monitoring potential legislation and will keep you updated regarding what is real, actionable, and not just noise.
- Make plans to comply. From completing regular reviews of processes and procedures to understanding what any final regulations may mean for your business, employers should have set strategies to ensure compliance.
- Lean on your partners (including MMA). 2020 was a year unlike any other. As we progress through 2021, continue to lean on us to understand what changes mean and how you should prepare in response.
MMA is monitoring the ever-changing situation closely and advising our clients on smart strategies to optimize benefits for their employees and their bottom line. To learn more, reach out to a local MMA representative to start a conversation.