Tough but effective: 2 ways firms are fighting health costs
Newton may have rethought his theory that “what goes up, must come down,” if he lived to see the increases in healthcare costs over the past decade.
The latest Heatlh Care Cost Survey from Towers Perrin says that employers will see an average increase of 7% in their healthcare expenses in 2010.
While many firms don’t particularly want to shoulder employees with increased health costs (especially if the company has frozen wages or cut salaries), that’s exactly what many are doing.
Check out the chart below to see how companies are raising employee costs:
In addition, some companies are going to great lengths to ensure they’re not footing the bill for people who aren’t even eligible to receive coverage.
What they’re doing: conducting dependent eligibility audits.
According to a survey from Aon Consulting, companies that conduct these audits see anywhere from a 3%-10% decrease in dependent care expenses immediately.
- Share on
Free Training & Resources
Webinars
Provided by Yooz
Further Reading
Believe it or not, more than 80% of workers like their employers’ Paid Time Off (PTO) packages. But that doesn’t stop a surpris...
Employer health insurance plan costs are set to spike for next year. All the experts are in agreement on that point. The only question is j...
Artificial Intelligence (AI) is perfect for a range of Finance tasks. Billing, analysis data processing and other mundane but critical duti...
Companies are now complying with the Securities & Exchange Commission’s (SEC) cybersecurity breach rule. Or maybe over-complying ...
An Excel database is perfect for organizing — and clearly seeing — financial data. A database includes a series of records ...
CFOs and benefits professionals can only do so much to influence employees to invest in a company 401(k) plan. So-called influencers are of...
