▶️ SVP, Employee Benefits @ USI Insurance Services - Consulting | Self-Funding | Wellbeing | TotalRewards | PEO Transitions | (Bio)Tech | NonProfits | Architecture&Construction | Mfg | GreenBiz | Ecommerce (50-5000ee's)
"Facing increases of 7% to 10%, companies are looking for ways to share costs. Can employees handle higher premiums?" #risingcostofhealthcare #healthcare #healthinsurance #medicalinsurance #employeebenefits #alternativefunding #costshifting #increasedoutofpocketcosts "To be sure, a good number will pass these expenses along, either partially or fully, as higher premiums or adjustments that create more out-of-pocket costs. But that could backfire, experts say, in a workforce that has grown less productive and less engaged due to return-to-office policies and smaller salaries. “Unfortunately, organizations do not realize that they can start with strategies much less disruptive to employees,” says Steve Kapper, head of the National Health and Welfare Benefits practice at Korn Ferry. These include reviewing self-funding options and negotiating better vendor contracts (with pharmacy benefit managers, for instance), as well as implementing care that manages members' underlying health conditions. Healthcare costs are rising largely because people are returning to their typical volumes of healthcare utilization following years of pandemic disruptions, says Seifert. They are no longer deferring procedures like knee and hip replacements, and they’re seeking screenings like colonoscopies and mammograms, as well as pricier treatments, like designer weight-loss medications. Forecasting these costs is complicated by the ongoing collective-bargaining negotiations at many firms, which complicate the math by significantly shifting the details of compensation and benefits."
