Many factors can come into play when choosing a health plan for your business. What may seem like a small inconvenience - a long wait time, difficulty scheduling appointments, and noncommunicative doctors to name a few - can add up and affect employee health and possibly your ROI. If your employees are facing any of the following issues, it’s time to re-think your health plan.
Employer-sponsored health insurance costs are on the rise, as high as 20%. Premium increases are attributed to different factors, and identifying those factors can help companies avoid those increases.
We’re nearly three months into 2018. The New Year vibe has come and gone. Employees may have given up a few of their resolutions. While this may not seem pertinent to a business, a caring employer could see more engaged and proactive employees. Here are a few ways you can help them achieve common goals for a more balanced life:
A recent study found several disparities between low and high income workers when it comes to utilizing their job-based health insurance.
With the ever-changing healthcare landscape, employers constantly struggle to meet the benefits needs of their companies. Doing “more with less” seems to be the trend as employers scramble to meet the regulations on laws concerning the Affordable Care Act, Medical Leave Act, Americans with Disabilities Act and paid parental leave.
Businesses will spend six percent more on healthcare benefits in 2017 than they did this year, according to an annual survey by the National Business Group on Health. To the casual observer, this might appear to be good news, since the upcoming price hike is no greater than last year's. However, despite this relatively steady growth rate, healthcare costs continue to climb faster than wages on average, suggesting consumers will be forced to put even more of their paychecks toward medicine.
"While employers have been able to keep increases in checkfor the past few years, costs are still running at more than twice the rate of inflation and general wage increases, thereby threatening affordability," said Brian Marcotte, president and CEO of NBGH in a press release. "These cost increases, while stable, are both unsustainable and unacceptable."
Nearly one-third of the 133 surveyed employers indicated that specialty pharmacy costs were the number one driver behind this spike in spending - up from just 6 percent in 2014. Rounding out the list of the three biggest culprits were high cost claimants and specific diseases and conditions.
In an effort to curb healthcare spending, businesses may create campaigns geared toward reducing their employees' risk of chronic conditions. Among these, obesity is one of the most expensive for employers - it costs companies as much as $73.1 billion annually, according to recent studies. This total comes from more than just the cost of treating obesity and its long list of related diseases but also from the burden of absenteeism and reduced productivity due to poor health. Therefore, organizations that are committed to combating obesity in their workplace stand to gain not just health and wellbeing, but also healthcare costs and improved business performance.
Here's a list of ways you can reduce the risk of obesity at your office:
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The Kelsey-Seybold DifferenceLower Costs on Group Health Insurance, Big Benefits for Small Business
At Kelsey-Seybold, we understand different businesses have different needs. We deliver long-term health benefits solutions for Houston employers through several leading partners. Our health plans offer as its core provider network and accountable care partner – the nation’s first NCQA-accredited Accountable Care Organization, Kelsey-Seybold Clinic.