5 ways to design better healthcare benefits and reduce costs

Published Updated 3 Min Read

[Image credit: Bloomberg]

The pandemic has given employers a chance to reevaluate the way they design and implement their healthcare benefits, and organizations are taking their employees’ individual needs into greater consideration.
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Health insurance is the second largest expense for employers, after salaries. In 2020 the average annual premiums for employer-sponsored health insurance were $7,470 for single coverage and $21,342 for family coverage, according to research from the Kaiser Family Foundation. Both coverages increased by an average of 4% over the year, while employee wages only rose by 3.4%, according to the KFF research.

Employees place great value on specialty benefits including vision, dental, hearing and financial wellness. These benefits are more than just nice to have. When employers provide support that takes care of an individual holistically, they can foster more positive environments with less absenteeism and a more loyal and productive workforce.

“Like lots of things we do in our daily lives, by combining multiple products there are efficiencies that can be gained and there are price advantages that can be extended to consumers,” Wiffler says. “We believe that there is an inherent administrative efficiency that comes by bundling, we’re very committed to bundling.”

Amanda Schiavo
Associate Editor

Amanda Schiavo is an associate editor of Employee Benefit News. Follow her on Twitter at @SchiavoAmanda.


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