ROI: The Hard and Soft Cost Savings of Benefits Tech

Sponsored Content by Maestro Health

Healthcare premium rates are now increasing at a faster pace than employee compensation. According to the 2015 Employer Health Benefits Survey conducted by The Henry J. Kaiser Family Foundation:

• Average annual premiums for employer-sponsored health insurance (family coverage) was up 4 percent over 2014.
• Worker contributions to family coverage increased 2.7 percent from 2014 to 2015.
• Workers’ wages increased just 1.9 percent during the same period.

Compliance costs also hamper profitability. IRS penalties for missing or late ACA paperwork are now more than $3 million for the largest companies. According to one report, 2016 will mark the costliest year yet for ACA compliance. The administrative time spent working on outdated technology will likely be a contributing factor to these costs. A recent survey sponsored by Maestro Health shows that 75 percent of brokers say ACA compliance is among their clients’ top HR/benefits priorities in the next 12 months.