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?
Tag: Healthcare Costs
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.
The cost of employee healthcare benefits around the globe is trending higher, driven largely by the higher cost of hospital and inpatient services, medical technology, and the overuse of services, according to a survey of medical insurers by Willis Towers Watson, a global advisory, broking, and solutions company. The Willis Towers Watson Global Medical Trends […]
As healthcare costs continue to rise, financial pressure does, too. Your employees are feeling it, especially if you’ve had to shift an increasing share of healthcare costs to them. Higher copays and coinsurance may help control premiums, but they do nothing to rein in employee out-of-pocket costs. To the contrary, in fact.
Every employer is concerned about health care. If you’re looking to reduce the costs associated with these benefits, turn to your wellness programs, says Mari Ryan, CEO and founder of AdvancingWellness in Watertown, Massachusetts.