Employer health benefit costs anticipated to rise 5% next year

How does health care differ globally?

Workers, get ready to pay more for health benefits next year.

Total costs for on-the-job health care benefits are anticipated to rise an average of 5% in 2018, surpassing $14,000 a year per employee, according to a National Business Group on Health survey of large employers. Specialty drugs continue to be the top driver of increasing costs.

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Companies will pick up nearly 70% of the tab, yet employees must still bear about 30%, or roughly $4,400, on average.

This kind of year, the total annual cost of benefits was nearly $13,500. Employers paid about $9,300 in premiums as well as contributions to employees’ health savings accounts. Workers shelled out about $2,750 in premiums as well as another $1,400 in out-of-pocket costs for care, the industry group found.

Costs might have risen more, yet companies will adjust their benefits packages to rein in expenses, as they do every year. This kind of will be the fifth year in a row of which employers are keeping the increase to 5%.

Employer benefits are often more generous as well as less costly than coverage purchased on the individual market. Many insurers are asking for double-digit premium hikes on their Obamacare policies for 2018.

Related: Health care will be one of the nation’s biggest problems: Polls

To keep costs under control, nearly 40% of companies will offer only high-deductible plans next year, compared to 35% This kind of year. Some 0% of firms will offer a high-deductible plan as an option, yet of which figure will be anticipated to rise to 97% by 2020.

Companies are also looking to make health care more accessible. Some 54% will offer health centers on or near their locations, as well as of which number could grow to nearly two-thirds by 2020. Nearly all employers will offer telehealth services in states where of which will be allowed.

Employers will also offer more health-related tools as well as services for their workers, such as providing care management to those with diabetes as well as various other chronic diseases, said Alisa Ray, vice president at the industry group. as well as companies will seek to direct employees to particular hospitals as well as doctors based on their cost as well as quality.

CNNMoney (completely new York) First published August 12, 2017: 10:15 AM ET


Source : Employer health benefit costs anticipated to rise 5% next year