The link between health and happiness In the pursuit of a fulfilling life, happiness is a common goal. However, happiness is not an isolated concept; it’s complex and connected to your overall physical and mental health. By understanding and nurturing the links between your health and happiness, you can be on your way to an enriched and balanced life. Physical health forms the foundation upon which happiness thrives. When your body functions optimally, so can your overall sense of well-being. As such, prioritizing physical health through regular exercise, a balanced diet and adequate sleep sets the stage for a happier mood and healthy life. Mental health is equally important to your happiness. When you nurture your mind, happiness can flourish. Supporting your mental health through self-care, stress management and relationship-building can improve your emotional resilience and a positive mindset. By embracing a holistic approach to health, you can unlock the potential for a life filled...

2024 Open Enrollment: 3 Preparation Strategies With the 2024 open enrollment season fast approaching, employers have an opportunity to develop attractive benefits offerings and proactively communicate with employees. Early preparation can help show employees they’re valued, convince top performers to stay in their current positions and attract new talent. Consider these three strategies to prepare for 2024 open enrollment: 1. Tailor benefits offerings Benefits offerings are one of the top reasons employees join companies and stay at their jobs. That’s why it’s critical for employers to speak with employees about which perks provide the most value. Adding or tweaking a few benefits options could be the difference between retaining and losing top performers. 2. Determine key messaging Benefits communications should account for employees’ desire to feel safe. Thus, key messaging should demonstrate how workplace offerings can protect employees. Outlining different benefits offerings can he...

Healthcare costs are expected to grow 5.6% for a hypothetical family of four from 2022 to 2023, according to the 2023 Milliman Medical Index . That’s an increase from $29,424 to $31,065. This year-over-year growth is increasing pressure on employers to provide employees with health coverage at an affordable price. One strategy your organization can look into is prescription drug coverage. Over the past month, HANYS Benefits Services has put the spotlight on how changes in coverage could help your company save and boost employee health in the long run. Read our Benefits Toolkit: Prescription Benefits Drugs for a comprehensive synopsis. Then, top it off with our additional prescription drug and alternative therapies resources: Prescription drug pricing trends ; How prescription drug importation can lower drug prices ; What you should know about biolsimilars ; and Managing costs with cell and gene therapy . If you have questions or need assistance, contact us today . Our dedicated team o...

The cost of prescription drugs in the U.S. is the highest in the developed world and is rising quickly. Americans often pay more for prescription drugs than individuals in comparable countries. According to a 2021 RAND Corporation study , U.S. prescription drug prices were 2.56 times higher, on average, than those in the 32 comparison countries. It’s no surprise many Americans struggle to afford the prescription drugs they need. Addressing the lack of affordable prescription drugs is a top public health priority in the U.S. Prescription drug importation is one option some policymakers are pursuing to lower drug prices for Americans. While prescription drug importation has bipartisan public support, it remains a controversial issue with benefits and risks that must be examined. This article explores the potential impacts of prescription drug importation on U.S. drug prices. What is prescription drug importation? Prescription drug importation is the practice of purchasing prescription dr...

Rapidly increasing healthcare costs will likely continue to impact employers for the foreseeable future. As a result, many employers are considering strategies to manage these costs, including rising prescription drug costs. 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. This article explores biosimilar drugs and ways employers can promote or manage their use. What are biosimilars? The European Medicines Agency defines a biosimilar as “a biological medicine highly similar to another already approved biological medicine.” It is produced from living organisms — humans, animals or microorganisms, meaning they aren’t created from synthesized chemicals. They are also ...

Employers continue to struggle with controlling rising healthcare costs and providing employees with affordable and quality care options. Of particular concern are the high costs associated with specialty drugs, including treatments like cell and gene therapy. The specialty drug industry has grown from a few available drugs in the 1990s to more than 300 specialty drugs today. Specialty drugs are the fastest-growing expense for most employer-sponsored health plans. As these treatments become more widely available, employers will likely be forced to address even higher specialty drug costs. The recent rise of cell and gene therapy may create even more concern for employers. These treatments typically range from $250,000 to $3.5 million per individual. While CGT is currently limited to a handful of orphan drugs and extremely rare conditions, this is expected to change in the next few years. Investment in regenerative medicine has grown 16% in three years, hitting a record high of $23.1 bi...

In spite of investors’ concerns over a possible recession entering 2023, capital markets and the U.S. economy have been resilient in the first and second quarter, with significantly less volatility. The U.S. equity market’s strong performance in the second quarter was propped up by the unexpected growth boom in artificial intelligence technologies. Overall, the S&P 500 gained 8.74% in Q2, resulting in a year-to-date gain of 16.89%. However, the fight against inflation is ongoing. Compared to the strong headline equity market performance and stock gains we’ve had so far this year, fixed-income markets remain uncertain. The Federal Reserve has a long way to go to get back to its target of 2% inflation, causing fixed-income markets to keep a close eye on further rate hikes. The coming months will be of vital importance to better quantify the unique dynamics of this market and determine whether a true “Goldilocks scenario” can be achieved.  Read the  Retirement Market Recap ...