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Despite ongoing efforts to address increased costs, out-of-pocket spending on healthcare continues to rise. Higher insurance copays and deductibles, increased medication costs, and rising inflation rates are just a few of the factors contributing to this trend. As a result, millions of Americans find themselves racking up medical debt, deferring critical medical treatment, or neglecting chronic health conditions. But the cost burden isnt equal by gender. Many people have heard of the pink tax, the pattern of womens goods and servicesfrom razors to dry cleaningcosting more than the mens equivalent. But few realize how far this extends beyond store shelves. Across the healthcare spectrum, women are spending significantly more out of pocket on prescriptions and medical treatments. Recently, I had the opportunity to moderate a panel at SXSW discussing the healthcare pink tax, sharing some new research from GoodRx on the disparities, and learning what actions healthcare leaders are taking to address this. This conversation was eye-opening for our attendees, and served as a reminder that we still have a long way to go in fixing this problem. Doing so wont just help women, but will also relieve pressure on our healthcare system and support a healthier U.S. population. The current state of womens healthcare costs Each year, women spend billions more than men on out-of-pocket healthcare costs. This latest GoodRx research found that in 2024, women spent nearly 30% more out of pocket on prescriptions than men, totaling over $8.5 billion in additional spending. And the discrepancy is even more pronounced among women aged 18-44, partly due to expenses specific to women, such as those associated with reproductive health. But women-specific healthcare needs like fertility and birth control arent the only drivers of inequitable out-of-pocket costs. Women are also spending more on all-gender conditions. One example is mental health, where women spend 113% more than men on depression medications and 103% more on anxiety treatments. Once women reach menopause, the economic burden spikes again. AARP found that women spend over $13 billion annually on treating their menopause symptoms, and research from Elektra Health found that those whove been diagnosed as menopausal spend 45% more on healthcare costs to treat their symptoms each year than those who are not menopausal. As Americans age, these gaps begin to close. GoodRx revealed that out-of-pocket healthcare spending among older men and women is more comparable, with women aged 45-64 paying over 35% more in 2024, and women over 65 outspending men by 16.5%. This is likely due to Medicare coverage, similar chronic disease burdens, and reduced reproductive health costs. How healthcare leaders must take action As healthcare leaders, the onus is on us to implement solutions that make it easier for women to access healthcare savings and reduce their out-of-pocket spending. Much of the inequity comes from long-standing, outdated cultural understanding and social stigmas around womens health. Addressing this urgent crisis requires collaboration and systemic changes across the healthcare system, with policymakers, insurers, pharmaceutical manufacturers, healthcare professionals, and many others playing an important role. Health insurers and employers must take proactive steps to analyze and update benefit design for their members, creating a more equal playing field and reducing the financial burden for women. The government can implement policy reforms, acknowledging the gaps and mandating that healthcare companies look towards more inclusive practices. Researchers should address the data and clinical trial gaps that regularly exclude women in an effort to improve product innovation and outcomes for females. And, collectively, we can all raise awareness and advocate for equality in healthcare. At GoodRx, we are working on the medication piece of the cost puzzle, helping women at all stages of life access lower prices on essential medications. This includes up to savings on fertility treatments, based on the best available GoodRx price, for both brand-name and generic medications used in every phase of the IVF process. We also introduced our e-commerce platform in October with Opill, enabling GoodRx users to purchase the first over-the-counter birth control pill online. And, just last year, we launched affordability programs for Pfizers menopause hormone therapies. Though much more needs to be done, these initiatives are critical in chipping away at the larger cost disparity and access issues. Lower healthcare costs create healthier communities Addressing the pink tax in healthcare is our moral and economic imperative. Affordable healthcare doesnt just support better health and quality of life for women, but has a positive ripple effect on our families, communities, and healthcare system. As with most healthcare reform, real change requires collaboration from all stakeholders in the healthcare system. As a woman and the mom of a daughter, Im hopeful that we can close this widening gap and improve healthcare access for all women. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
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In an unpredictable labor market, where job gains in January fell below expectations and the future remains uncertain, one thing is clear: Employers cant afford to rest on their laurels. While the economy has remained relatively strong, shifts in the job market have been historically inevitable, and companies must constantly evaluate their operations to ensure theyre attracting and retaining the best talent. One area that employers should pay close attention to: employee benefits. Surprisingly, small businessesoften perceived as lacking the resources to offer substantial perksare quietly leading the charge in providing the kinds of benefits that employees value most. Small businesses are stepping up to meet workers needs, and its not just about flashy perks like wellness programs or flexible work arrangements. Traditional benefits, particularly retirement plans like 401(k)s, have emerged as crucial factors in attracting top talent and securing long-term employee satisfaction, according to Guideline research. While its easy to focus on the more visible, short-term perks that have become synonymous with modern work culture, many employees are prioritizing long-term financial stability over immediate rewards. As workers grow older, their anxiety about financial security in retirement naturally may only increase. This economic uncertainty has become a driving factor in employee decision making. Our Guideline research shows that a stunning 93% of employees say that retirement benefits, such as a 401(k), influence their decision to join a company. More tellingly, half of employees surveyed said they would turn down a job offer from a company that did not offer a retirement benefit. For businesses, this shift in worker priorities presents a clear opportunityand a possible call to action. Small businesses are going the extra mile Small businesses, often without the same resources as larger companies, have begun to recognize the growing importance of retirement benefits. In fact, the same research revealed that 70% of employers feel offering employees retirement benefits helped them with recruiting and hiring talent. And theyre not just offering 401(k) plans, but making them as impactful as possible. For example, nearly 80% of businesses that offer a 401(k) plan through Guideline provide employer matching. Our research shows that these contributions can increase employee participation in 401(k) plans by 9%, further cementing their value as part of an overall benefits strategy. No matter the size of your business, it may not be enough to just offer the basics when it comes to employee benefits. Employers can help employees bridge the retirement savings gap. After all, the lack of access to retirement plans or the absence of a company match may disproportionately affect those who need help saving the mostespecially in a climate where wages have stagnated for many workers. Providing access to a 401(k) plan and offering employer matching are key ways businesses can fulfill their role in helping employees plan for a comfortable retirement. Small businesses are spurring the 401(k) boom The numbers speak for themselves: over 15,000 businesses signed up for a Guideline 401(k) plan just last year. Of these new signed plans, 92% of them were customers who previously hadnt offered a retirement saving option. This surge in interest signals a clear shift in mindseta recognition that long-term financial security is just as important, if not more so, than the short-term perks that have become trendy. Small businesses are recognizing the changing needs of workers and stepping up to meet this demand. As more businesses recognize the impact of robust retirement benefits, its clear that this trend is more than just a passing phaseits a fundamental shift in how employers view their responsibilities to employees. Workers today are no longer looking for a job that simply offers them a paycheck and a handful of perks. Theyre looking for long-term stability and the opportunity to build a secure future for themselves and their families. To put this into perspective, last year, nearly 85% of employees who received access to retirement savings through Guideline participated in their plans, and on average, contributed close to 7% of their paycheck. Small businesses, by offering meaningful benefits like 401(k) plans with employer contributions, are not just meeting these demandstheyre helping to shape the future of employee benefits. While large employers may have the resources to provide a broad array of perks, its the small businesses that are truly leading the charge in addressing the real concerns that employees have about their futures. This shift toward offering substantial retirement benefits isnt just good for employeesit can be good for businesses as well. By helping to ensure their workers can retire with dignity and financial security, small businesses are investing in their most valuable asset: their people. In todays labor market, the companies that prioritize long-term stability and employee well-being can undoubtedly stand out. The time is now for businesses, large and small, to rethink how they approach employee benefits. Its no longer enough to offer just the basics. Employees are looking for more, and small businesses are proving they have what it takes to deliver. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
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Perhaps the surest sign that artificial intelligence really is taking over the world will come the day it wins your favorite March Madness bracket pool. The day could be coming soon. In an experiment that a) was bound to happen, b) might actually make us all look smarter and c) should probably also scare the daylights out of everyone, a successful CEO-turned-disruptor is running a $1 million March Madness bracket challenge that pits his AI programmers’ picks against those belonging to one of the world’s best-known sports gamblers. We’re not a crystal ball, says Alan Levy, whose platform, 4C Predictions, is running this challenge. But it’s going to start to get very, very creepy. In 2025, we’re making a million-dollar bet with a professional sports bettor, and the reason we feel confident to do that is because data, we feel, will beat humans. Levy isn’t the only one leveraging AI to help people succeed in America’s favorite pick ’em pool one that’s become even more lucrative over the past seven years, after a Supreme Court ruling led to the spread of legalized sports betting to 38 states. ChatGPT, a chatbot developed by OpenAI, is hawking its services to help bracket fillers more easily find stats and identify trends. Not surprisingly, it makes no promises. With upsets, momentum shifts, and basketballs inherent unpredictability, consistently creating a perfect bracket may still come down to luck, said Leah Anise, a spokesperson for OpenAI. Also making no promises, but trying his hardest, is Sheldon Jacobson, the computer science professor at Illinois who has been trying to build a better bracket through science for years; he might have been AI before AI. Nobody predicts the weather, he explained in an interview back in 2018. They forecast it using chances and odds. $1 million on the line in AI vs. Sean Perry showdown Levy’s angle is he’s willing to wager $1 million that the AI bracket his company produces can beat that of professional gambler Sean Perry. Among Perry’s claims to fame was his refusal to accept a four-way split in a pot worth $9.3 million in an NFL survivor pool two years ago. The next week, his pick, the Broncos, lost to New England and he ended up with nothing. But Perry has wagered and won millions over his career, using heaps of analytics, data and insider information to try to find an edge that, for decades, has been proprietary to casinos and legal sports books, giving them an advantage that allows them to build all those massive hotels. Levy says his ultimate goal is to bring that advantage to the average Joe either the weekly football bettor who doesn’t have access to reams of data, or the March Madness bracket filler who goes by feel or what team’s mascot he likes best. The massive thesis is that the average person are playing games that they can never win, they’re trading stocks where they can never win, they’re trading crypto where they can never win, Levy said. 4C gives people the chance to empower themselves. It’s a great equalizer. It’s going to level the playing field for everyone. But can AI predict the completely unexpected? It’s one thing to find an edge, quite another to take out every element of chance every halfcourt game-winner, every 4-point-a-game scorer who goes off for 25, every questionable call by a ref, every St. Peter’s, Yale, FAU or UMBC that rises up and wins for reasons nobody quite understands. For those who fear AI is leading the world to bad places, Levy reassures us that when it comes to sports, at least, the human element is always the final decider and humans can do funny and unexpected things. That’s one of many reasons that, according to the NCAA, there’s a 1 in 120.2 billion chance of a fan with good knowledge of college basketball going 63 for 63 in picking the games. It’s one of many reasons that almost everyone has a story about their 8-year-old niece walking away with the pot because she was the only one who picked George Mason, or North Carolina State, or VCU, to make the Final Four. You can’t take the element of fun and luck out of it, Levy said. Having said that, as AI develops, it’s going to get creepier and creepier and the predictions are going to get more and more accurate, and it’s all around data sets. Levy suggests AI is no three-headed monster, but rather, an advanced version of Moneyball the classic book-turned-movie that followed Oakland A’s GM Billy Beane’s groundbreaking quest to leverage data to build a winning team. Now, it’s all about putting all that data on steroids, trying to minimize the impact of luck and glass slippers, and building a winning bracket. We’ve got to understand that this technology is meant to augment us, Levy said. It’s meant to make our lives better. So, let’s encourage people to use it, and even if it’s creepy, at least it’s creepy on our side. The AI’s side in this one: Houston to win it all. Perry, the gambler, is going with Duke. Eddie Pells, AP national writer
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