Most small and mid-sized businesses today use the traditional fully funded health insurance model to cover their employees.
With that many have experienced double digit rate increases annually for the past decade. The question many are asking, “How can we keep absorbing these increases?” The answer, “You can’t.”
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
Unless organizations begin to recognize the need to connect the dots between the well-being of their employee population and their insurance trend they will undoubtedly soon be priced out of the market.
It is time for employers to understand the only way to control their rising insurance cost is to help manage the health risk of their organization. Once they understand the risk they can put appropriate programming in place, engage their employees, and track their results.
There is no quick fix, however a meaningful program will over time drive trend down and allow employers to provide more meaningful benefit programs.