Research shows the cost of employer-sponsored health plans is rising, but a new study from SHRM sheds more light on how what covering an employee actually entails.
The cost of providing health coverage to the average U.S. employee rose nearly $500 over the past year.
That means employers are now spending an average of $8,669 annually for each worker they cover.
A new report from the Society of Human Resource Management displays the effect of rapidly rising health care costs on employers and employees alike. The study finds that health costs are eating up 7.6 percent of employer budgets.
Employers have reacted to the trend by offering lower-cost plans, including health maintenance organization plans, consumer-driven health plans and health savings accounts. Twenty-nine percent of employers surveyed offer HMOs, 20 percent offer consumer-driven health plans, 52 percent offer health savings accounts, and a whopping 77 percent offer health reimbursement accounts.
A new survey from the Employee Benefits Research Institute outlines what employers are doing when it comes to health benefits...
"More and more, employers are having to push the increasing cost of health care onto employees," says Evren Esen, SHRM's director of workforce analytics, in a blog post. "High-deductible health plans such as HSAs and HRAs are one way that employers are attempting to counter the high costs."