Avoiding the distracting health care reform legislation under way and instead looking at the big picture can help employers save money on health care benefits plans, according to a new report from Colonial Life.
The white paper “Big-Picture Benefits” shows ways employers can control rising insurance costs while protecting the financial status of their workers.
“Health insurance is a major employer expense, but a competitive employee benefits plan includes far more than that,” Steve Hesler, assistant vice president of product development at Colonial Life, said. “Employers who want to attract and retain the best talent can take active steps today rather than waiting to see what does or doesn’t change down the road.”
Health care premiums have tripled since 1991; since that time, employers are passing many of the costs onto employees. As costs rise, close to half of all Americans surveyed stated they can't pay a $400 emergency expense or that they would have to find a way to come up with the money, according to the report. Many have also gone without medical care due to the expense.
“A strong benefits program is one of the most important tools employers have to compete for and keep their talented workforce,” Hesler said. “Those who broaden their vision beyond major medical coverage to include voluntary benefits will be ideally positioned to both manage the bottom line and give their business a competitive edge.”
A copy of “Big-Picture Benefits” is available for download from ColonialLife.com.