For the past several years, IdentityForce has published a blog in support of National Employee Benefits Day. Observed on April 2nd each year, this day honors all those who strive to provide quality employee benefits that improve the well-being of the workforce. Today, we’d like to share some insights around how benefits leaders can add value while combatting one of the biggest expenses to both organizations and individuals: healthcare.
As healthcare costs continue to rise, this year will prove to be another challenging one for all parties involved with benefit selections — from Human Resources and Total Rewards professionals, to Benefit Brokers and Advisors. In fact, 2019 promises to be the sixth consecutive year that health insurance premiums will rise by at least five percent, marking a 55 percent increase over the last thirteen years. Employers are feeling the financial squeeze from higher premium costs, but health benefits are one area where cutting back isn’t an option — especially in a tight labor market as we’re experiencing now.
Employees are feeling the strain of this shared burden, too, with 14 percent of their take home wages going towards healthcare coverage. Compound increased expenses with slow wage growth and it’s easy to understand why many workers experience stress related to their financial health and well-being. The financial anxiety seeps into the office environment, causing collateral damage to employee productivity and morale. However, there are ways that organizations can ease the pressure on their workforce.
New White Paper: Using Supplemental Benefits to Increase Value
We all want to provide our employees with the best benefits package possible to promote health, well-being, and productivity. Download our complimentary new white paper, Organizational Healthcare Tab to Keep Rising, to learn how creative, supplemental benefit offerings can keep employees happy and attract top talent while offsetting the continual increase of health premiums.