article thumbnail

Employers Expect Higher Premiums, Little to No Cost-Shifting

InterWest Insurance Services

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. ” At the same time the labor market is still very tight, requiring businesses to continue offering attractive pay and benefit packages. .”

article thumbnail

Examples of fringe benefits by category

Business Management Daily

Fringe benefits are how employers make up the gap. Different benefits appeal to different teams, but what matters most is providing more than just the bare minimum—health insurance, workers’ compensation, and a competitive salary. Finding employee fringe benefits The field of workplace perks has become an industry of its own.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Hospital Indemnity Insurance a Key Voluntary Benefit

InterWest Insurance Services

Most employers offer major medical coverage to their full-time employees. For example, even with insurance, treating a broken leg or undergoing emergency appendicitis surgery can mean thousands of dollars in out-of-pocket medical costs. That leaves your worker exposed to a total out-of-pocket cost of over $7,600.

article thumbnail

5 Benefits to Help Employees Cope with Inflation

Best Money Moves

Here’s how employers can support their teams cope with inflation with the right benefits choices. . Luckily, there are methods employers can use to help employees weather this period. Here are 5 benefits employers can use to help employees cope with inflation. Improved Retirement Benefits.

401(k) 102
article thumbnail

Navigating HSAs and the Health, Wealth, and Wellness Triangle

Benefit Resource Inc.

In today’s dynamic workplace landscape, employers are realizing that fostering employee well-being extends far beyond traditional compensation packages. Healthy employees are not only happier and more productive but also contribute to lower healthcare costs for both themselves and their employers.

article thumbnail

How to manage employer health care costs

Higginbotham

and employers bear much of the burden. However, cutting health benefits isn’t always a good option. In addition to meeting ACA requirements, offering attractive benefits enables employers to compete for top workers. A better option than reducing benefits is to learn how to manage employer health care costs.

article thumbnail

Identify Your Workers’ Needs, Consider Costs before Open Enrollment

InterWest Insurance Services

With answers and feedback in hand you can create a benefits package that is more appealing to them, which in turn gives you a competitive edge when attracting and retaining workers. Engage employees and solicit feedback through quarterly employee-benefits round table meetings. That benefits both them and your organization.