October 2017 Volume 15, Number 10 | |||||
Group Health Costs Continue to ClimbIt could cost you five percent or more to provide your employees with health care benefits in 2018.
After surveying large employers, the National Business Group on Health released a report on plan design costs this summer. They estimate that costs for an employee could rise from $13,482 per employee to $14,156. This is the fifth consecutive year benefit costs increased by five percent. Most employers cover 70 percent of an employee’s costs. Ways to Reduce Costs
One popular way among employers to reduce costs is through plan design. The high-deductible health plan (HDHP) is effective, though not often popular with employees. These plans require employees to pay all medical expenses up front until the deductible is met. With 2018 out-of-pocket Limits as high as $6,650 for self-only coverage, or $13,300 for family coverage (or even higher with a deductible under an HRA plan design), HDHPs limit an employee’s ability to afford medical treatment. Still, as many as 40 percent of companies expect to offer HDHP plans in 2018.
Another popular benefit is telehealth (also called telemedicine). Almost 96 percent of employers surveyed said they planned to offer this benefit. Telehealth, which delivers health care through the use of smart phones or laptops, is often provided at no cost or a heavily discounted rate. |
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The What, Who and How Much of Offering Life Insurance Strategies for Making Your Wellness Program Pay Off New Ways to Keep Health Care Benefit Costs Down Group Health Costs Continue to Climb
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