Biden’s upcoming inauguration and administration could have a significant impact on your company’s benefits offering. The Biden administration could make changes to the healthcare and benefits landscape if his campaign pledges are anything to take seriously.
A Raft of Promises for the Healthcare Industry
The former vice president in Obama’s administration has promised to protect and build on the ACA. The president-elect also has his sights on expanding coverage, whether through Medicare or Medicaid. Though some in the party have advocated a “Medicare for All” strategy, Biden has consistently kept focus on an expanded ACA. Therefore, expect a slew of adjustments to the previous administration’s guidance that weakened certain provisions of the ACA.
Additionally, Biden has proposed a tax credit to help low income families afford coverage. There will likely also be policies that focus on the affordability, access, and equity of healthcare, including prescription drugs. Even if your company didn’t make significant adjustments to your benefits offering over the last four years, it’s possible there will still be changes you’ll need to address during the upcoming administration’s term.
What It Could Mean for Employees and Your Benefits Offering
Biden enters his term with a very narrow margin in the Senate. Such a scenario coupled with Biden’s lack of support of universal healthcare makes a transition to a broad, single-payer system unlikely. However, accessibility and affordability will be a focus, which is good news for employees.
With the promise of a tax credit, employers could see an influx of participation to their healthcare plans with more employees able to afford coverage. This may mean companies’ HR and benefits teams should prepare for increased levels of education and enrollment in future years.
How Benefits Zone Can Help
As the country waits to see exactly what a Biden presidency means, it is apparent that health coverage will be more feasible for many Americans. It’s also likely that companies need to prepare to be flexible. This is where Benefits Zone comes into play.
Trusted by 15,000 professionals, this app isn’t likely to disappoint you. It helps you stay flexible in changing market conditions. It puts your benefits tools and resources and employees’ fingertips, giving them instant access to benefits information. This is especially important for those who may be first-time enrollers. The benefits toolkit can also house engaging videos and graphics, making the benefits process more accessible and easier to understand. This is especially important for the younger generations in the workforce that have a high affinity for multi-media consumption.
Benefits Zone can also streamline your benefits communication, providing important benefits contact information so employees can quickly connect with the contact they need. Providing employees a centralized hub to access information makes it easy. Not only can enrolled employees learn about plan updates, but any employees new to employee benefits can easily access important information. Consider creating a step-by-step benefits guide for employees unfamiliar with the process.
As Democrat Joe Biden assumes the White House, there is plenty of good news for the healthcare industry. Healthcare will likely become more accessible and affordable. Connecting employees with affordable and integrated benefits will create happier and healthier workforce. For more information on easily connecting employees to your benefits offering contact us.