The total economic cost of the opioid crisis was estimated to exceed $631 billion from 2015 to 2018. The economic costs (both direct and indirect) of nonmedical opioid use are substantial to U.S. employers, not only due to lost productivity, but also due to increased healthcare expenditures, greater costs for workers’ compensation and disability claims, and difficulty meeting recruitment or production targets in regions that experience shortages of workers.
This article was published in the third quarter 2020 issue of Benefits Quarterly.
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Given the greater flexibility and lower costs provided under ARPA’s provisions, plan sponsors should seize this moment to reevaluate and optimize their risk management strategies by considering the whole picture.
Economic costs of the opioid crisis for employers
The economic costs (both direct and indirect) of nonmedical opioid use are substantial to U.S. employers, not only due to lost productivity, but also due to increased healthcare expenditures, greater costs for workers’ compensation and disability claims, and difficulty meeting recruitment or production targets in regions that experience shortages of workers.