Your benefits plan is one of your company's largest expenses, and yet many employers don't know how much they should be spending on their plan. (Photo: Shutterstock)
The price of health care benefits rises dramatically every year, and it looks like 2021 will be no different. The Society for Human Resource Management (SHRM) projects that next year's healthcare benefits will cost 5.3% more than they did this year, further necessitating effective cost management strategies for employers who want to increase their savings.
While some brokers may offer rate holds to business owners to combat this struggle, employers should still think twice before accepting such an offer, especially if they don't have access to important data about their claims.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
