Health care costs continue to rise. Health care reform has added new complexity. More than ever, employees are looking to HR for help. The C-Suite relentlessly pressures HR for solutions.
Little wonder that the heat is on comp and benefits pros to rein in employer spending on health insurance. And with insurance plan renewal time fast approaching for hundreds of thousands of employers, there’s even more urgency.
“Now is the time for all of you with plan-year start dates on or near Jan. 1 to start thinking about ways to control health plan costs,” said insurance expert Nancy L. Newell, SPHR, of Nth Degree Consulting in Albuquerque, N.M. She told participants at a recent HR Specialist webinar that lowering employers’ health insurance burden requires balancing three strategies:
- Cost shifting—asking employees to pay a bigger share
- Cost reduction—cutting the bottom line through greater efficiency
- Plan changes—designing insurance...(register to read more)