Climate Change Could Increase Employee Healthcare Costs, Says Study
TL/DR –
Climate disasters such as hurricanes and heatwaves can contribute to increasing healthcare costs for individuals and businesses. The HR consulting firm Mercer, in conjunction with the National Commission on Climate and Workforce Health, has developed the Climate Health Cost Forecaster, an online tool that predicts how climate-related factors like extreme heat and poor air quality could increase employees’ healthcare costs over the next 10 years. Understanding these costs could prompt companies to take preventive measures like setting up cooling and hydration stations and developing safety plans for extreme weather events.
Climate Disasters Impacting Healthcare Costs
Climate-related disasters such as hurricanes and heatwaves lead to a surge in hospital visits due to injuries and heatstroke, resulting in unexpected medical bills for families. Employers who contribute to their employees’ healthcare costs also experience a rise in costs.
As Tracy Watts of HR consulting firm Mercer points out, “Every CFO in America is aware of the amount they’re spending on healthcare benefits for their workers and family members.” Mercer collaborated with the National Commission on Climate and Workforce Health to develop the Climate Health Cost Forecaster.
Understanding the Link Between Climate Change and Healthcare Costs
This innovative online tool helps businesses understand how climate change-related factors like extreme heat, poor air quality, floods, and hurricanes can escalate their employees’ healthcare costs over the next decade. By better understanding these costs, companies can be motivated to take preventive measures to protect their employees as climate change intensifies extreme weather patterns.
Implementing Adaptation Strategies
For instance, businesses can establish cooling and hydration stations, and devise safety plans for extreme weather conditions. As Watts notes, “With targeted adaptation strategies, not only your business but also your people, who are likely your greatest asset, will greatly benefit.”
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