In recent years, there has been a growing trend of increasing costs for employee benefits for health systems. According to a survey by the National Business Group on Health, large employers (those with 5,000 or more employees) expected the cost of providing health care benefits to increase by an average of 5.3% in 2022. This trend is driven by numerous factors, including rising healthcare costs, an aging workforce, and an increase in demand for more comprehensive benefits packages.
One of the biggest drivers of increasing benefit costs is the rising cost of healthcare. As medical costs continue to rise, employers are seeing increased expenses from providing health insurance to their employees. This can include both the cost of premiums and out-of-pocket expenses for employees, such as deductibles and copays.
Another factor that is driving up benefit costs is the aging workforce. As more and more employees reach retirement age, employers are facing increased expenses for things like pension plans and retiree health benefits.
In addition to these factors, there is also an increased demand for more comprehensive benefits packages, including mental health support, financial wellness programs, work-life balance initiatives, and more. These types of benefits can be more expensive to provide, but they are seen as critical to attracting and retaining top talent.
As a result of these trends, many health systems are having to spend more and more on employee benefits each year. In order to manage these costs, some companies are turning to cost-saving measures, such as switching to high-deductible health plans or implementing wellness programs to try to reduce healthcare costs.
However, these solutions may not be enough, and many health systems are passing the costs onto their employees through increased premiums and deductibles, or by offering fewer benefits.
GlideNet’s Employee Benefits Optimization delivers significant savings through solutions that work within the health system’s existing structure and contracts, all without a reduction in benefits. Our holistic and programmatic approach reduces the workload on the internal department and delivers the implementation support and savings validation needed to make an impact on the bottom line, all while maintaining or exceeding the existing quality of benefits.
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