Rising Premiums and Reluctant Changes
from Midway Business Podcast Hosted by The Zemar Podcast
Despite increasing premiums, many employers are hesitant to change their plans, with a survey showing that 87% of employers remain satisfied with their current coverage. Smaller companies are particularly vulnerable to significant cost increases, often needing more resources to manage healthcare benefits or adjust to these rising expenses proactively. The issue of broker retention was also highlighted, revealing that 95% of employers keep their brokers even when their performance is subpar, mainly due to trust or a reluctance to navigate change. The conversation pointed to Purdue University as a case study in managing healthcare costs effectively. Since 2016, Purdue has kept its healthcare costs to just a 1% increase annually, saving $149 million by implementing strategic changes, such as reducing out-of-pocket expenses and using financial incentives. The discussion emphasized the importance of better planning, transparency in broker commissions, and investing in dedicated resources or outsourcing to manage healthcare benefits efficiently. Companies that prioritize these practices are better positioned to control costs and provide improved employee benefits. For more information on Elite Benefits of America, contact Butch at 708-535-3006 or visit EliteBenefits.net
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