As the pandemic continues to unfold, the ability of employers to have a positive impact on employee health and resiliency cannot be understated according to a recent Mercer Survey, Health on Demand.
Delta argues that the costs of hospital stays for COVID total, on average, about $40,000-$50,000 per incident thus driving up healthcare costs for all employees.
We’ve all lived like astronauts for the past year and a half – we’ve been physically isolated from family and friends, our home was also our workplace, and we were surrounded by an unsafe environment (COVID-19). Astronauts train for this, we have not.
Organizations across the country have been forced to quickly adapt during the COVID-19 pandemic, and insurance benefits are one area to see significant modifications. The ASE 2020 Healthcare Insurance Benefits Survey details these changes by examining premiums, deductibles, and co-pays of employer-sponsored health plans among 174 Michigan employers. Wellness benefits and cost control strategies are also benchmarked.
Last month’s Bostock decision ruled that Title VII of the 1964 Civil Rights Act protects LGBTQ rights. This decision has a number of subtle impacts that employers need to be cognizant of, including compensation and by extension employer sponsored health plans.
With health care costs growing more than two times the rate of inflation consistently over the years, and employers growing weary of increasing deductibles and cost shares, an old idea has resurfaced for employers: Referenced Based Pricing (RBP) programs. Under Obamacare, the transparency of costs among providers has become more commonplace, thereby enabling these types of programs.
The results are in for ASE’s 2018 Healthcare Insurance Benefits Survey. A total of 215 organizations participated in the latest study, which examines the premiums, deductibles, and co-pays for employer-sponsored health plans across Michigan. Highlights from the survey are listed below:
Employer health care spending has grown from 6% of total wages in 1988 to more than 12% in 2018. The Centers for Medicare and Medicaid Services (CMS) estimate that this growth will continue, with national health spending projected to be 20% of the economy by 2026. Employers are seeking innovative approaches to keeping healthcare costs down.
A lawsuit by 20 states was filed in federal court in Texas challenging the constitutionality of the Affordable Care Act (ACA) in February. Texas argues that last year’s tax reform law, which stripped the ACA of the individual mandate, made the ACA unconstitutional. If the individual mandate is stripped away, the Department of Justice (DOJ), agreeing with Texas, argues that two other key parts of Obamacare should fall with it.
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