This is tough to swallow statistics: 0 percent of employers face health plan premium increases, with almost a quarter (23 percent) of employers see rate increases in the double digits. As a result, employers are taking tough decisions on how to provide competitive advantages while controlling costs. This is according to 2015 Arthur J. Gallagher & Co. (Gallagher) Benefits Strategy Survey and Benchmarking.
Gallagher's recent survey highlights that most employers know all too well. Continual annual increases in health systems pose significant challenges to both the budget and to recruit and retain quality employees in a tightening workforce. The survey also highlights the strategies employers use to adapt to the current market. A summary of the key trends and data points.
Health Plan premiums continue to rise
Of those surveyed, 0 percent indicated an increase of the premium health plan at the most recent renewal, with 23 percent saying that the renewal was 10 percent or more.
in fact, employers say the biggest challenge is to control the cost of benefits, followed by attracting and retaining a competitive workforce, and to maintain or reduce the overall operating cost.
Despite cost concerns, however, the survey found nearly all (97 percent) of employers were committed to provide employers subsidized medical benefits to their employees .
Cost Containment Strategies
Regarding cost control of health plans, the most prevalent strategies will sound familiar 67 percent to the cost of -Sharing employees and 49 percent plan to change Medicare plans.
As the survey revealed, however, employers must look beyond shifting costs to employees and jumping from one system to manage costs -. especially as the Cadillac tax takes effect in 2018. strategies such as offering a high deductible health plan with an HSA, changing the funding mechanism, and shrinking network provider or pharmacy can become Popular strategies in the coming years
welfare programs
the survey found more than 40 percent of respondents , 70 percent of employers with 1,000 or more employees offer wellness programs. The most popular deals include communications wellness, vaccines against influenza, assessments of health risks, biometric screenings and wellness committees.
The challenge with wellness programs, according to the results of the investigation, continues to be participation. To increase participation, employers use money or gifts, premium discounts, contributions to HSA, HRA, or FSA, or paid overtime
Conclusion
As employers wrap their heads around changing healthcare landscape, the survey suggests employers should invest time to align organizational goals with benefits, a comprehensive approach to cost control health care, and to make communication an integral part of the employee strategy.
About the Survey
Gallagher Benefit Services, Inc., the employee benefits consulting and brokerage operations Arthur J. Gallagher & Co., developed the advantages of Strategy and benchmarking survey to provide employers with knowledge and best practices for management of benefit costs while attracting and retaining top talent. The 2015 survey responses from 3,031 organizations, which is an increase of 66 percent from 2014 sample size of the company. survey results and methodology can be found at www.ajg.com/NBS_2015 .
What are your takeaway on the results of the investigation? Is your business facing health plan premium increases in the coming year? What cost containment strategies you implement? Leave a comment below.
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