As healthcare costs continue to rise, many employers are searching for ways to control costs while keeping benefits affordable and attractive to employees. For some employers, self-funded plans can be an effective strategy for lowering healthcare costs. Many employers have adopted these plans in recent years. According to a 2020 Kaiser Family Foundation Employer Health Benefits Survey, 67% of employees who receive employer-sponsored health coverage obtain it from self-funded health plans, representing a 23% increase since 1999.

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Rapidly increasing healthcare costs will likely continue to impact employers in the foreseeable future. As a result, many employers are considering strategies to manage healthcare costs and explore prescription drug trends. The introduction of biosimilar drugs as an alternative to biologics may bring value to healthcare by offering cost savings and increasing employee access to necessary medications. While biosimilars can potentially combat rising prescription drug costs, employers will need to learn more about them before considering how their health plans can accommodate these newer drugs.

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During the COVID-19 pandemic, the loneliness and unemployment brought on by a public health crisis significantly increased drug and alcohol misuse. The Mental Health Index by LifeWorks found alcohol consumption increased by 31% and drug use increased by 29%, pushing conversations about Substance Use Disorders (SUD) into the spotlight.

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