Posted August 27, 2012
American employees value their health insurance benefits, but during the past few years many families have made difficult financial choices to afford the rising premiums and procedure deductibles.
According to The Henry J. Kaiser Family Foundation, a nonprofit research group, the average family insurance premium in 2011 topped $15,000 – a 9 percent increase from the previous year. And as businesses face tighter budgets due to the challenging economy, many are making these choices:
- Selecting high-deductible insurance plans with lower monthly premiums
- Passing on premium increases to employees
- Switching to voluntary, employee-paid plans
- Offering individual plan options
Bottom line, businesses need to invest time and resources in educating employees on their benefit options. By making sure employees understand their benefits options, companies can help employees choose the best fit for their situations and promote wellness at the same time. One of the best times to educate is at least a month prior to annual open enrollment.
Future of Benefit Costs Under Health Care Reform
Business leaders also are concerned about the effect of health care reform on insurance coverage. Many are speculating that premium costs will continue to rise, while others are hopeful that reform will help control costs. Read this report and share your feedback: Insurance industry warns of higher rates, as ObamaCare supporters see long-term fix
What choices are your businesses making to keep benefit costs under control? How do you think health reform will impact premiums and medical costs?