One of the most formidable challenges for businesses is balancing the needs of providing essential benefits against bottom-line expenditures.
Communicating directly with employees about the functions and attributes of available benefits is a great first step for employers who want to provide financial and wellness support. Medical expenses are among the fastest rising costs affecting US households, with many Americans on track to pay half as much towards their health insurance as their mortgage in the next decade.
With deductibles rising faster than wage growth or inflation, certain fixtures of medical care such as accident coverage, hospital visits, and critical illness plans have begun to resemble “deductible insurance.” Instances where consumers once would have received financial lifelines to handle unforeseen medical events are now more likely to cost them out of pocket.
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