The topic of health care continues to dominate headlines and is a pivotal talking point in modern politics. Many individuals rely heavily upon employer-based health care benefits. This healthcare has become a crucial part of employee compensation and a major cost to the employer. In fact, according to the United States Census Bureau as of 2017 over 56% of the U.S. population received health insurance through their employer.
As the modern worker expects health insurance as part of their benefits package, it is important to understand the costs associated with providing such benefits. In research conducted by the Kaiser Family Foundation in 2018, they found that the average annual premiums for employer-sponsored health were $6,896 for single coverage and $19,616 for family coverage. This marked a 3% increase in premium cost and a 5% increase for family coverage compared to the year before. This outpaced both the employee wage increase of 2.5% and then-current inflation of 2.6%. These trends are expected to continue.
If health care costs are expected to continue to go up, and employees expect health insurance as a benefit, how does a company keep their costs reasonable, while also providing competitive benefits?
Fortunately, there are many experts in the health care and employer benefits industry that can help employers with exploring health insurance solutions. At My Financial Coach, we pride ourselves on partnering with some of the leading experts in their respective industries. We are excited to share a case study from Bryson Financial. Bryson Financial is one of our latest Subject Matter Experts(SMEs) that specializes in providing unique solutions in retirement planning, employee benefits, and wealth and risk management.
Below is a case study they prepared originally appearing on their website:
Interested in how you might leverage increased employer benefits to attract talent? Schedule time to meet with one of our Financial Coaches. A Financial Coach will review your personal financial situation as well as see how well your employer benefits coordinate within your financial plan. The results could be eye opening and help you help you develop the perfect mix of employer benefits befitting your growing business!
The Team at My Financial Coach