With prescription drug costs continuing to rise, employers and health plans always are searching for effective ways to control drug spending. Yet, in the quest to control prescription drug costs, it is important that cost-control measures do not backfire and, somehow, negatively impact plan members’ health. The appropriate use of necessary prescription drugs can be a very cost-effective way of treating illnesses, managing chronic conditions, and avoiding more expensive and intrusive interventions, such as surgeries and emergency room visits. If a cost-control measure has the unintended consequence of, for example, an individual with hypertension not effectively managing his or her blood pressure levels over time, the hypertension could escalate, causing heart attack or stroke, and requiring much more costly treatment.
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Four out of ten people in today’s workforce are older than 45 years of age. By 2010, 20% of the workforce will be over the age of 55. 1
While employers may benefit from a more mature, seasoned workforce, they are also experiencing a significant increase in healthcare costs as the workforce ages and the need for medical care begins to accelerate.
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Today, an individual’s personal savings—including savings in a 401(k) or other employer-sponsored defined contribution plan—play a more important role in financing retirement, than they did in the past. Consequently, how much an individual saves, how these savings are invested and, eventually, how the accumulated savings are withdrawn are key questions in determining one’s financial security in retirement. Employers that sponsor 401(k) plans recognize this, and many are providing assistance to help employees answer these questions, in the form of investment education or advice.
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As escalating health care costs force insurance rates to climb, many businesses are exploring ways to cut back on employee benefits. While adding or maintaining eye care under your coverage plan does cost more, it doesn't take 20/20 vision to see this is one area of coverage that is worth every extra cent.
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