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Understanding the Rising Costs of Healthcare: A Proactive Approach

June 25, 2024

Healthcare costs are soaring, driven by multiple factors, including high-cost claims, trends in injectable drugs, and the increasing expenses of treating serious conditions like cancer, leukemia, and cardiovascular disease. For instance, treatments for a newborn can range from $371,000 to $4.9 million, making them some of the highest-cost cases, with hemophilia not far behind. 

Check out some of the facts Sun Life published for 2023 

One significant factor is comorbidities, or the presence of multiple health conditions simultaneously. While individually these conditions might not be the most expensive, their combined impact can quickly add up. This underscores the importance of focusing on preventive measures such as exercise, diet, and physical activity. Our increasingly sedentary lifestyles, coupled with rising rates of depression and anxiety, complicate health conditions and further increase costs. 

Programs like the Emotional Vaccines Program at Kids Community College have shown that proactive approaches to mental health can reduce the demand for medications and overall healthcare expenses. By educating people on general resiliency issues before they escalate into crises, we can mitigate negative impacts on health. 

As we plan for 2025 health plans, it’s becoming clear that renewal season could be tough due to the influx of new drugs entering the market. Employees are turning to medications like Ozempic and Semaglutide, driven by press coverage and their success in weight loss. While some studies are promising, the long-term effectiveness of these drugs remains uncertain, with high profit margins driving much of the attention they receive. 

Taking a proactive approach to managing health plans is crucial. At Hub International, we focus on understanding what’s driving healthcare costs and implementing tools that improve care while reducing expenses. This approach, though seemingly complicated, is straightforward and allows for meaningful changes. 

The impact on your benefits and company culture can be significant. If you’re tired of the cycle of rising costs and declining benefits, now is the time to explore proactive strategies. By reviewing options early, you can install meaningful changes that improve care and save costs. Don’t get caught in the trap last minute, it’s what the industry wants you to do so you cannot impact meaningful change before it’s too late.  

If you want to keep more for your company while enhancing employee care, give me a call. I’d love to show you how we can help. 

Dennis Hartin 

HUB International 

[email protected] 

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This post was written by Elevate, Inc.

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