Help wanted? For Florida businesses, inclusive benefits could be the answer | Opinion
Employers around the country are making significant strides towards creating diverse, equitable and inclusive workplaces. As the eighth most diverse state in America and home to almost 20 Fortune 500 companies, Florida has an opportunity to be a leader and change-maker in corporate diversity, equity and inclusion (DEI).
Beyond being the right thing to do, DEI makes business sense. Nearly 80% of workers say they want to work for a company that values DEI. Given Florida’s shrinking labor force, employers are wise to consider any and all competitive advantages.
One of the most overlooked factors in building an inclusive workplace is health insurance, which also happens to be the benefit employees care about most. Growing evidence suggests some common elements of insurance design, like deductibles, act as barriers to care and exacerbate health disparities. Business leaders need to take an honest look at how health plan design is contributing to disparities and get intentional about driving change.
“One-size-fits-all” plan design doesn’t cut it. Coverage is inherently inequitable if it treats all employees as if they are the same — because they are inherently different — and health needs vary from person to person.
To truly support individuals in getting to their best health, personalized health plan design should be embraced by employers. Benefits must be built to meet the unique needs of people and combat disparities inherent in a “one-size-fits-all” design.
Why not personalize subsidies?
As an employer, you get to choose what you cover and how much you cover. What if you reimagined the prevalent practice of making subsidization equal for everyone and, instead, provided health coverage that prioritizes individuality, diversity and inclusivity?
Truly inclusive healthcare coverage sets subsidization strategies to actively address known health inequities. It also factors in the needs of the whole person, including mental health and nutrition.
Personalized subsidization allows you to set coverages based on income level, which gives you an opportunity to decrease cost-sharing for lower-income employees or hourly workers who may be more likely to avoid care due to cost. This is particularly important in Florida, as it ranks 49th for worst income inequality in America.
A 2018 CDC survey found that 40% of Americans avoid medical tests or treatment, and 44% fail to seek care when sick or injured because of cost. It also found that 86% of those who delayed or skipped care had insurance. So, access to insurance coverage isn’t really the problem; it’s the coverage itself that isn’t working.
Truly inclusive employers lean into and support individuals who face greater challenges in access to health care. They know and appreciate the difference between equality and equity. Lower income people of all races are disproportionately at risk for becoming sicker and dying younger. That’s not OK.
Health disparities
We know that addressing health disparities improves overall quality of care and leads to a healthier population. We also know that inclusive workplaces demonstrate higher productivity, achieve greater innovation and recruit and retain better talent. But to achieve inclusivity, you have to acknowledge your workforce has individualized needs.
As an employer, you have the power to help your employees choose treatments and providers that make the most sense for them. You can give them choices contextualized to their needs — a spectrum of providers and clinical advocacy and support that reflects their unique racial, cultural, ethnic and LGBTQ+ needs.
You can guide your employees to providers who offer culturally, ethnically and linguistically appropriate care. You can give them health plans that show treatment costs and quality ratings side by side.
Contextualizing health coverage is about celebrating the uniqueness of your employees. It’s about protecting their long-term health by helping them navigate barriers to care.
Personalized benefits
Inflexible or “static” health plans often leave employees over-insured or under-insured. If employees aren’t paying too much in premium for coverage they never use, they’re paying out of pocket for unplanned or emergency care.
Personalized health benefits transform insurance into a decision-making platform that enables people to get to their best health affordably and to avoid wasteful or low-value care along the way.
Imagine the peace of mind of visiting a health care provider and knowing in advance the exact cost of your visit — and not worrying about a deductible or paying 20-30% coinsurance. Imagine the freedom of being able to shop around for the lowest-cost, highest-value care. What value would your employees place on a health plan experience like that?
Personalized coverage creates a path for your employees to choose the care that’s best for their needs, while knowing the exact cost in advance.
Can your workplace be truly inclusive without inclusive benefits? We have to face the reality that the answer is no. “One-size-fits-all” approaches to anything, health benefits included, miss out on leveraging the superpower that comes from addressing the unique needs of our employees.
The time to stand up and do something different is now. For everyone who’s ever felt their needs weren’t being met through healthcare. For everyone who’s worked multiple jobs to afford a deductible. For all of us.
Florida’s richly diverse workforce deserves inclusive, personalized benefits that serve all identities, cultures and healthcare needs. And it’s good for business. Employers with the motivation to act will be miles ahead in the talent race.
Marcus Thygeson, MD, MPH has served both sides of health care, as a treating medical doctor and health plan executive. He is Bind Benefits chief health officer.