Health care is an integral component of an employer’s and employee’s everyday life with two-thirds of non-elderly individuals receiving their health insurance through their employer.
The expense of providing employer-sponsored health insurance has increased significantly over the past decade with average premiums doubling in the decade from 2000 to 2010. A total of 27 percent of covered American workers now face annual deductibles of at least $1,000, up from 22 percent in 2009. Among small firms (3-199 workers), 46 percent can face these larger deductibles.
The Patient Protection and Affordable Care Act (PPACA) may also affect what mid-size businesses pay to insure their employees. The PPACA may raise some mid-size companies’ costs of providing health care by nearly 10 percent.
With so much data pointing to health insurance costs on a continually rising trend, how do employers offer strong coverage without breaking the bank? What resources are out there to help employers make the right health insurance decisions?
Below are several resources where employers can get more information to help make informed health care decisions:
- Kaiser Health News
- Your state department of insurance (in Texas)
- U.S. Department of Labor Health Care Site
If you have specific questions or need assistance wading through health care paperwork, The Karis Group can help. Contact us for more information today. For more on the health care cost information found in this article, please visit AccountingWeb and TheHill.