Employer Health Insurance Costs Continue to Rise

Employer Health Insurance Costs Continue to Rise

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The Affordable Care Act has provided significant health coverage opportunity for millions of Americans, without making such improvements to the employer-sponsored health coverage market. For many small businesses, providing coverage is increasingly cost-prohibitive.

In 2020, we’re faced with unforeseen, unique business challenges while everyone is personally and professionally impacted by the COVID-19 pandemic. In these times, employee engagement has never been more important. While it’s not possible to treat each employee differently in terms of healthcare offerings from the company, the effort to obtain the information can be helpful.

Navigating the Impact of Rising Employer Health Insurance Costs

Company culture as a guide to navigating employer health coverage costs:

In an overall compensation strategy, a primary consideration is whether to be an employer that provides much-appreciated raises or robust health care coverage. It is tough to provide both. If your company culture doesn’t currently include flexibility on benefits, it is time to learn about what’s available for you to offer as an employer.

Give some thought to how instituting a purposeful company culture could wisely guide you to making the tough decisions about where the company funds are spent for employee compensation. You could approach the project with in-person conversations with staff, with anonymous surveys, or both. Consider this an exercise into building stronger relationships with staff through inclusion, in addition to actually obtaining useful data.

Employer-sponsored health coverage doesn’t need to be overwhelming.

At benefEx, we’re simplifying employee benefits consulting. Reach out to us to discuss your options for navigating the current, ever-changing employment and benefits landscape.