#Employers might be feeling a crunch as #healthinsurance premiums continue to rise. But, many of them are cautious of passing on these increased costs to workers -- especially in a still-tight labor market. Here's a look at what they're facing. Need help finding the plan that provides the right balance of premium and benefits? Our group team can help.
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Employers, are you prepared for a hike in #healthcarecosts in 2024? Many recent reports agree that there may be a significant increase in #employeebenefits costs for employers. As inflation continues to rise, it’s time for #SMBs to partner with a #PEO for affordable and competitive benefits. Contact us to learn more. https://zurl.co/ZuK7
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California Employee Benefits Trends: 1️⃣ Costs: "Annual premiums for covered workers in California averaged $8,083 for single coverage and $22,818 for family coverage." 2️⃣Workers' Portion: "On average, workers paid 15% of the cost for single coverage ($1,167 annually) and 30% for family coverage ($6,680 annually)." 3️⃣ Plan Design: "The average deductible for covered workers with single coverage and a deductible was $1,464. Single coverage deductibles were higher at firms with fewer than 200 workers than at larger firms ($1,850 vs. $1,354)." https://lnkd.in/gd-fyJaP.
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According to KFF President and CEO Drew Altman, "Employers are already concerned about what they pay for health premiums, but this could be the calm before the storm, as recent inflation suggests that larger increases are imminent...Given the tight labor market and rising wages, it will be tough for employers to shift costs onto workers when costs spike.'" A recent report from KFF "reveals ongoing disparities in the burden of health care costs on workers at smaller and large employers. Workers at small firms (with less than 200 workers) on average pay $7,556 out of their paychecks annually for family coverage – nearly $2,000 more than workers at larger firms ($5,580)." Small employers have a way out; they can bend the cost curve and take control of their health spending.
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Today, nearly 100 million U.S. workers live paycheck-to-paycheck with less than $500 in liquid savings. This financial stress costs American companies $300 billion per year due to decreased productivity, increased absenteeism, accidents, turnover, and rising healthcare premiums. By offering Payactiv's holistic financial wellness solution, you can help your employees reduce financial stress through timely access to earned wages, budgeting and saving tools, automatic bill pay, 1:1 financial coaching and more. For more information, visit https://lnkd.in/eVc5EsHi #payactiv #financialwellnesssolution #Earnedwageaccess
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Great new case study on one of our labor groups below!
Hard-working people have hard-working hearts. ❤️ That’s why one 18,000-member union of electrical workers offered Hello Heart as a health benefit. This not only helped the workers lead healthier lives, but also helped the labor union avoid costly health expenses and save $1,935 per person. 💰 🌟 Learn more in the case study here: https://lnkd.in/g99_nHGM #IBEW #unionmembers #laborunion #electricalunion
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Labor is what keeps our country moving forward. We owe these members the tools to keep them healthy, to be more specific the tools that show results. We are helping members stay healthier and providing very positive ROIs. At Hello Heart we are changing the way members look at heart health. We offer the necessary tools to give members a sense of security each and every day. #unions #labor #hearthealth #hypertension #members #heartdisease
Hard-working people have hard-working hearts. ❤️ That’s why one 18,000-member union of electrical workers offered Hello Heart as a health benefit. This not only helped the workers lead healthier lives, but also helped the labor union avoid costly health expenses and save $1,935 per person. 💰 🌟 Learn more in the case study here: https://lnkd.in/g99_nHGM #IBEW #unionmembers #laborunion #electricalunion
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As we enter Q4 with employee health plans coming up for renewal, #creditunions must consider new options as premiums continue to increase. Learn why so many credit unions are choosing I-Care for their employee health plans in this InterLutions article: https://ow.ly/kT1C50Q74I8
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Inaugural Kara J. Trott Professor in Law at the Moritz College of Law; Co-Founder and a faculty affiliate of The Institute for Healing Justice & Equity
In 2020, I published an article detailing how policy failures was associated with increased rates of Covid-19, which you can find here: https://lnkd.in/dsGC2u-t Glad more researchers are highlighting how policy decisions left essentially workers vulnerable to Covid-29, which hopefully will lead to policy change.
US workers during the covid-19 pandemic: uneven risks, inadequate protections, and predictable consequences
bmj.com
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Our latest research found that six in ten employees are more worried about the cost-of-living than they were a year ago. Health and Protection have covered our research highlighting: - 74% worry about money every week - More than 8 in 10 are using savings or credit cards to deal with rising prices - Nearly half of workers say the cost-of-living is impacting their ability to do their job Majority of UK workers still struggling due to cost-of-living crisis https://bit.ly/3T83C3w
Majority of UK workers still struggling due to cost-of-living crisis
https://healthcareandprotection.com
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Yet more validation on why Cash Plans are a the perfect all round employee benefit, to help support your employees 😉
Our latest research found that six in ten employees are more worried about the cost-of-living than they were a year ago. Health and Protection have covered our research highlighting: - 74% worry about money every week - More than 8 in 10 are using savings or credit cards to deal with rising prices - Nearly half of workers say the cost-of-living is impacting their ability to do their job Majority of UK workers still struggling due to cost-of-living crisis https://bit.ly/3T83C3w
Majority of UK workers still struggling due to cost-of-living crisis
https://healthcareandprotection.com
