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According to the 2015 Arthur J. Gallagher & Co. Benefits Strategy & Benchmarking Survey, 23% of employers are seeing health plan premium increases reach the double digits. Employers are being forced to decide how to best offer competitive, comprehensive benefits while controlling costs.
With constant annual employee benefit plan increases, Wisconsin employers are facing challenges to stay on budget while adapting to the costs and current market trends.
However, despite the challenges of controlling benefits costs, nearly all employers are committed to providing an employer subsidized benefits package to maintain competitiveness in the market.
In attempts to control the cost of offering health plans to their employees, organizations are increasing employee cost-sharing and exploring alternate health insurance plans, providers, and arrangements.
Shifting costs and changing plans only puts a bandaid on the current problem; there are other strategies that offer a more palatable long-term solution. Offering a high-deductible health plan with an HSA, changing the funding arrangements or narrowing health care provider networks are strategies that are growing in popularity to help control costs.
Adapting to the ever-changing healthcare market can seem overwhelming, if not impossible. However, by investing the time to better define your business’ goals in relation to your benefit offerings and taking a comprehensive approach to cost control, Wisconsin organizations can successfully implement a cost-effective strategy. Communicate with your employees to find out what they need, and communicate those conversations to your Milwaukee insurance agent/provider to find the solution that best suits your employees and your budget.