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With inflation continuing to drive prices upward on a broad range of products and services, financial wellness is top of mind for nearly everyone. According to a recent Bank of America survey, 62% of employees are stressed about their finances and 71% feel the cost of living is outpacing growth in their income. All told, […]
Employers already spend more on healthcare than anything else aside from salaries – and cancer makes up the largest portion of those healthcare costs. Today, cancer costs account for nearly 3% of U.S. GDP. That is almost as much as the U.S. spends on defense. The American Cancer Society recently released its annual Facts & […]
Higher health savings account (HSA) contribution limits can have a number of positive implications for both employers and employees. Healthcare costs, along with the cost of nearly everything else, have continued to rise, so these new limits should be a welcome relief to individuals and families. For Employees Employees are wise to contribute as much […]
The rising cost of health care in the United States has been an issue for decades. Add on the health and economic challenges that came with the coronavirus pandemic in 2020, and employers and their employees are struggling more than ever to manage their healthcare costs.
Benefits experts have estimated the expected average increase in employer health insurance premiums from 2019 to 2020, and the consensus hovers around a 6.5% year-on-year rise. This is up from recent years when the average year-on-year increase varied from 3%–4%. Why is this?
Large employers currently pay about $500 more in healthcare costs per employee than they did just a year ago—money every company would love to have back. With healthcare costs increasing yearly, many HR departments are struggling to contain healthcare spending, which has become the largest cost to many companies outside of payroll.
Managing healthcare costs has been at the top of most HR professionals’ (pro) to-do lists for the better part of the past decade, as medical costs continue to rise. With the onset of 2019, the New Year presents the opportunity to make it happen. Fifty-two percent of U.S. consumers have low healthcare system literacy, according […]
Premiums for employer-sponsored coverage increased at a lower rate this year, but this could be largely ascribed to a growing rate of enrollment in high-deductible plans, according to the Kaiser Family Foundation’s (KFF) annual health benefits survey.
Aflac, a provider of voluntary insurance, announced results from the 2016 Aflac WorkForces Report, revealing how Millennials are more likely to embrace a nontraditional approach to pay their medical expenses compared to older generations. They also are more likely than non-Millennial generations to regularly underestimate the total cost of healthcare issues.
The 32nd National Healthcare Trend Survey from Xerox HR Services reveals that while increases in healthcare costs are slowing, they continue to outpace inflation by a wide margin.