In 2019, 11 percent of employees surveyed indicated a struggle with anxiety and/or depression. This year, after the pandemic, that number rose to 40.1 percent. Clearly Covid has taken a toll on the mental health of many Americans and it’s critical employers respond to this by adding or improving mental health benefits.
An average of 27 workdays are lost due to mental illness (depression, anxiety) which averages out to over $4,000 per employee. For every dollar invested in mental health, there is an ROI of $2-$4, which makes it more expensive to ignore mental health. Read more here.
The pandemic has created an unprecedented amount of unemployment as many businesses have had to lay off or furlough employees. As a result, benefits administrations need to prepare for a surge of COBRA claims.
Why is this a concern? In April the final notice rule published by the IRS and Department of Labor and other federal agencies said group health plans and benefit plans cannot include the period of March 1, 2020, until 60 days after the end of the National Emergency, which has not yet been called. Read more details about the notice here.
The onset of Covid-!9 has people turning to telehealth in numbers not previously seen. However, many providers don’t have the cybersecurity needed to protect patients. In brief, there are five best practices for cybersecurity and HIIPA compliance that should be followed.
1. Encrypt employees’ hard drives
2. Leverage 2-factor authorization (2FA)
3. Enable video call security features
4. Establish Telework Security protocols (anti-virus, anti-malware, VPN, etc.)
5. Mandate WPA WiFi use
Read more about these best practices in detail.
A study conducted by Global Insurance provides trends for TPAs in 2020-2025.
1. The TPA market in the United States has grown 5.1% and is growing. While there is more competition, there is an opportunity for growth as dispensable incomes rise and consumers purchase more types of insurance.
2. The Middle East is ripe for growth. In 2017 mandatory insurance became applicable in Dubai and Abu Dhabi and currently 98% of insurers outsource to TPAs
Source: Globe Newswire