Many employers are bracing for another year of increases in the cost of offering health insurance coverage to their employees. Surveys by the National Business Group on Health and other organizations show that many large companies are expecting premium increases in the range of 5 percent to 6 percent.
Continued increases in the cost of offering health insurance coverage to their employees has many companies focusing on cost management and containment strategies, according to the 22nd annual Best Practices in Health Care Employer Survey by Willis Towers Watson. Smaller employers, which don’t have the group purchasing power of larger companies are especially concerned. While acknowledging that health insurance coverage is vital for recruiting and retaining quality employees, many employers are growing increasingly dismayed over the annual cost increases.
Employers are searching for a variety of cost-containment solutions, such as employing telemedicine, investing in wellness programs and tapping health care networks that strike the best balance between quality care and cost savings. But which solution is the right one for your company?
At The Hays Companies, we offer customized cost-effective health, work/life, voluntary and other benefit programs to clients worldwide. From healthcare coverage to life insurance and beyond, our expert guidance supports your goals of administering employee benefits and managing expenses. Our team of specialists work hard to keep our clients’ medical plan renew costs as low as possible. Each company is unique, as are our plans to help them with this important aspect of their business.
Contact our Employee Benefits division to find out how we can help your company with cost effective health and wellness strategies. Reach out to us and a local Hays specialist will be in touch. We look forward to talking with you!