More than ever, the heat is on HR to rein in employer spending on health insurance.
As premiums continue to rise and reforms have added new complexity (and looming new costs), the C-Suite is pushing HR for solutions. With insurance plan renewals fast approaching for many employers, there’s even more urgency.
There’s no silver bullet to lowering your costs. Reducing employers’ health insurance burden requires balancing three strategies: cost shifting, cost reduction and plan changes.
What’s driving high costs
The average per-employee health insurance annual premium was $4,824 in 2009, says the annual Kaiser Family Foundation study. Of that, employers paid an average of $4,004—about 83%.
For family coverage, the average total was $13,375. On average, employers paid $9,764—about 73%.
Health plan costs are up 131% since 1999. And if the cost trend continues, average annual health insurance premiums for family coverage are projec...(register to read more)
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- 10 Secrets to an Effective Performance Review
- Craft a 'total ownership experience'
- Worker's outburst wins NLRA protection
- You don't need a Sherlock Holmes investigation to deny ERISA benefits
- Are you prepared to follow the new FMLA regulations?