Most workers regret benefit selections during open enrollment

By Lucy Peterson - With open enrollment around the corner it's time for many working Americans to start making benefits selections for the upcoming year. Read Full Article… ^{_{(Subscription required)}}

HVBA Article Summary

1. Regret Over Choices: More than half of Americans regret last year's benefits choices, citing lifestyle mismatches, missed deadlines, and confusion over options.

2. Limited Time Spent: Most Americans spent only 30-60 minutes on benefits decisions, far less than the time spent on social media daily.

3. Seeking Guidance: Younger employees prefer social media for benefits info, while older generations rely on employers. 35% are open to consulting financial professionals.

UnitedHealth Bumps Change Hack Cost Estimate to Nearly $2.9B

By Geert De Lombaerde - UnitedHealth Group Inc. booked $475 million in total costs related to the February cybersecurity breach at its Change Healthcare unit during the third quarter and its executives expect to incur another roughly $420 million in costs late this year. Read Full Article…

HVBA Article Summary

1. Increased Hack Costs: UnitedHealth raised its 2024 estimate for Change hack-related costs to $2.87 billion, up from $2.3-2.45 billion, though this will represent only one-fifth of the company’s net earnings.

2. Recovery and Customer Retention: While UnitedHealth has upgraded its systems after the hack, customer recovery will extend into 2025, with clients seeking vendor redundancy for software systems.

3. Q3 Performance and Outlook: Optum Health’s profits grew, but rising medical costs increased the company’s care ratio. CEO Witty projects conservative growth for 2025, while analysts view the stock drop as an opportunity.

Should CVS Health Break Up?

By Marissa Plescia - Over the last several years, CVS Health has grown into much more than just the corner retail pharmacy that consumers have historically known it as. Read Full Article… 

HVBA Article Summary

1. Strategic Acquisitions and Challenges: CVS Health's acquisitions of Aetna, Signify Health, and Oak Street Health aimed to improve efficiency but are facing integration difficulties, leading to discussions about separating retail and insurance units due to various market pressures.

2. Leadership Changes Amidst Pressure: The replacement of CEO Karen Lynch with David Joyner reflects a strategic shift as CVS confronts financial challenges, with experts warning that a breakup could provide short-term relief but undermine long-term growth opportunities.

3. Investor Influence and Market Dynamics: The potential for CVS to break up is driven by investor pressure for immediate returns, especially with disappointing performances from acquisitions. Experts caution that a breakup might not address underlying issues and could hinder the company’s ability to adapt to healthcare challenges.

The top 5 benefits, according to each generation

By Lee Hafner - If employers are going to invest in new benefits, they should know which ones will best meet the needs of the different demographics in their workforce. Read Full Article… ^{_{(Subscription required)}}

HVBA Article Summary

1. Generational Benefits Preferences: Older employees prioritize retirement savings more than younger workers, while younger generations place a higher emphasis on mental health support.

2. Importance of Flexible Benefits: Flexible work arrangements are valued by all age groups, highlighting the need for adaptable benefits to meet diverse employee needs.

3. Employee Engagement and Feedback: Employers should regularly gather employee feedback to tailor benefits effectively, enhancing satisfaction and retention.

Aetna launches 'no-deductible' SimplePay Health, for self-insured employers

By Lynn Cavanaugh - Aetna has announced the launch of SimplePay Health, a new health plan option – with no deductibles – aimed at self-insured employers. Read Full Article… ^{_{(Subscription required)}}

HVBA Article Summary

1. Cost Transparency: SimplePay Health provides upfront cost information for medical services through a copay-only structure, consolidating all claims into a single monthly bill.

2. Provider Choice: An app helps members find the best providers at the lowest costs, leading to a 60% increase in the use of top-quality care.

3. Financial Flexibility: The program offers flexible payment options, including auto-pay and 0% financing for out-of-pocket costs, allowing members to focus on their health without immediate financial stress.

Weight-Loss Drugs Cut Drug and Alcohol Abuse, According to New Study

By Dominic Chopping - Drugs such as Novo Nordisk’s blockbuster Ozempic can cut drug and alcohol abuse by up to 50% according to a new study, adding to mounting evidence that the drugs yield health benefits beyond diabetes and weight loss. Read Full Article… 

HVBA Article Summary

1. Impact on Substance Use: A study found that individuals with opioid use disorder taking GLP-1 drugs had a 40% lower overdose rate, while those with alcohol use disorder had a 50% lower intoxication rate.

2. New Treatment Avenues: Researchers from Loyola University Chicago suggest GLP-1 and GIP drugs may provide innovative treatment strategies for opioid and alcohol use disorders.

3. Additional Benefits of Semaglutide: Semaglutide-based drugs, like Wegovy and Ozempic, not only aid in diabetes and weight loss but also reduce risks of stroke and heart attacks, with ongoing research for other conditions and potential FDA approvals in 2025.

CVS names new CEO: David Joyner replacing Karen Lynch

By Gabe Hauari - CVS Health announced Friday that David Joyner has been appointed President and Chief Executive Officer, effective as of Oct. 17. Read Full Article… 

HVBA Article Summary

1. Leadership Change: David Joyner replaces Karen Lynch as President and CEO of CVS Health, bringing 37 years of healthcare experience.

2. Financial Struggles and Layoffs: CVS shares have dropped over 25% this year, leading to approximately 8,000 layoffs, including nearly 3,000 corporate positions.

3. Strategic Focus: The Board believes Joyner will help navigate challenges, with CVS aiming to enhance care delivery and technology, highlighted by its $10.6 billion acquisition of Oak Street Health.