Honolulu, Hawaii – CVS Health, a major provider of medical care through its drugstores and clinics, announces a significant increase in investments in housing to address social determinants of health. In an effort to reduce costs and improve outcomes beyond traditional medical treatments, CVS has identified housing as a key factor. The company, which also owns Aetna, the nation’s third-largest health insurance company, sees paying for housing as a means to enhance health outcomes and lower costs by preventing emergency room visits and hospitalizations through stable housing solutions.
The latest move involves a substantial investment in Hawaii, specifically in areas of Maui that were impacted by fires the previous year. CVS revealed plans to allocate nearly $35 million towards the development of two new affordable housing projects in collaboration with various partners. These projects in Lahaina, Maui, and Kapolei, Oahu, will not only provide affordable housing units but also offer supportive social and educational programs tailored to meet the residents’ specific needs.
This housing initiative marks part of CVS’s continued commitment to investing in communities, totaling over $200 million in the last five years. The company emphasizes the importance of addressing social determinants of health, which include food insecurity, loneliness, and homelessness. Likewise, other health plans such as Anthem, Centene, Cigna, Humana, and UnitedHealth Group are also expanding their investments in services and projects aimed at addressing social determinants of health.
Centene, for example, recently announced a $2.55 million commitment to support housing initiatives in collaboration with Iowa Total Care and Central Iowa Shelter & Services. CVS, in a statement, highlights the impact of its investments in creating and preserving affordable rental units, including housing options for various vulnerable groups like veterans, individuals facing homelessness, victims of domestic violence, and others in need of support.
Overall, CVS’s strategic focus on investing in housing reflects a growing trend among healthcare providers towards addressing social determinants of health. By recognizing the significance of stable housing in improving health outcomes and reducing healthcare costs, CVS is making a tangible impact in communities across the country. Through collaborative efforts and sustained investments, the company continues to demonstrate its commitment to enhancing overall well-being through innovative solutions.