The COVID-19 pandemic has highlighted the flaws in the American healthcare system, such as high costs, incomplete coverage and severe racial inequities. It has led some corporate business leaders to rethink their positions on healthcare policies, according to an April Kaiser Family Foundation and PBGH report.
Three hundred large private employers were surveyed between December 2020 and January 2021 on how they view the costs of healthcare coverage and the advantages and disadvantages of increasing the government's role in providing healthcare and curbing costs.
Ten study findings:
- Forty-nine percent of respondents "moderately" agreed the employer costs for healthcare benefits were excessive, followed by considerably or strongly agree (33 percent) and disagree (4 percent).
- Employers agreed that the cost of prescription drugs, volume-based payments, unhealthy behaviors, and provider consolidation and increased market power were all top reasons for high healthcare costs.
- Fifty-six percent of respondents said employers collectively can change healthcare costs to a moderate extent, followed by a considerable or large extent (29 percent).
- For their own companies, 42 percent said they could change healthcare costs to a moderate extent, followed by 35 percent who said they could change costs to a considerable or large extent.
- Fifty-four percent of respondents said they were considerably or highly likely to push for value-based payments.
- Forty-eight percent of respondents said they were considerably or highly likely to shift larger percentages of healthcare costs to employees.
- Forty-eight percent of respondents said they were considerably or highly likely to use an individual coverage health reimbursement arrangement to offer alternative coverage to employees.
- Eighty-seven percent of respondents said the cost of healthcare will become unsustainable in the next five to 10 years.
- Eighty-five percent of respondents said there is a need for a greater government role in coverage and costs.
- Eighty-three percent of respondents said the government playing a bigger role in providing coverage would be better for their business and 86 percent said it would be better for their employees.