The cost of the group on the advance health insurance, many employers are concerned with cutting down on health care costs. A major trend in healthcare costs to relocate in mitigating the costs for employees.
Towers Watson conducted a survey of 379 employee benefits professionals from medium and large companies on health care plans for 2014-2017 recently, and how they plan their health benefits to reduce costs.
Rising health care costs are a major concern for employers
According to the survey analysis, US employers expect a four percent in 2015. healthcare costs according to plan design changes. The increase is projected at 5.2 percent, if there are no plan design changes. , Concern about the cost of health care has grown enough to get two-thirds of CEOs and CFOs directly involved their company health benefits strategies in the development of
Other trends found more in the survey included:
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83 per cent of employers consider health an important part of their service package benefits and health insurance costs for their full- and part ~~ POS = TRUNC.
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73 percent plan to continue subsidizing employers are somewhat or very concerned about the Affordable Care Act (ACA) excise duty
triggering -
43 percent reported that to avoid the exchange rate for their health strategies in 2015 is the highest priority
concern about the release of excise duty is an understandable one, because it could mean big penalties for employers. If an employer provides a health benefit that does not comply with the ACA reforms or does not meet these requirements outlined in IRS Notice 2013-54, the employer may apply per employee under IRC section 4980D at a $ 100 / day subject to excise duty.
Trends for cutting down healthcare costs
In response to concerns about rising healthcare costs and the exchange rate, 81 percent of employers in significant changes to their existing health plans in the next three years moderate plan.
One of the health care costs mitigation revealed trends in the survey, was the migration health plans based account (ABHPs). An account-based health plan (ABHP) is a consumer strategy that pairs a group health insurance with a tax-deductible medical expenses account.
total replacement ABHPs place at 50 percent might be, owned by the 2017. ABHP is offered as the main health care plan with a ABHP total replacement - insurance rather than the group. There are already 17 percent of surveyed employers that currently provide only a ABHP.
resulted Another cost-cutting trend in the survey was reduced business subsidies for spouses and dependents. A third of employers are considering significantly reduce these subsidies, while ten percent have already done. Spouse exclusions or surcharges (if coverage available elsewhere) are pulled by 26 percent of employers surveyed in consideration while 30 percent now that have the policy in place.
Some employers are considering implementing a defined contribution approach. In fact, 13 percent have a defined contribution approach in place today, with 30 percent of them in 2016 and 2017. consideration
Source: Towers Watson
An alternative method for cutting healthcare costs
Although not explicitly mentioned Watson survey in the Towers, there are more options other than healthcare costs for employees relocation of companies reduce subsidies or cut marital benefits. Employers are switching to health insurance funds (also known as "pure health benefits defined contribution"), because this strategy predictable costs for the employer offers, while giving employees access quality health insurance.
spend to provideBy their employees with an allowance on individual health insurance, more comprehensive, less expensive health care to access an employee in a position that corresponds to their individual needs.
health insurance allowances reduce the cost and time, while still recruiting a health benefit for the provision of support and top employees with traditional health insurance.
confronted Despite the costs are employer urges employees maintain health benefits, most employers (99.5 percent) reported their companies adjust health services have no plan.
Read the full survey analysis at Towers Watson
What are your plans for cutting health care costs?
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