Infographic: The Rising Cost of Health Insurance
If you’re not sure how to balance health insurance and profitability, the Enterprise Bank & Trust Health Insurance Think Tank is here to help.
236 business-owners responded to our survey on how to manage the rising cost of health insurance. Learn more by reading this infographic and downloading The Rising Cost of Health Insurance and the Battle for Profitability Think Tank.
Click here to download the infrographic below for your convenience.
Next year, business owners surveyed said:
- 6% they plan to increase health insurance benefits.
- 65% they plan to maintain existing benefits.
- 29% they plan to reduce or re-bid contracts to cut costs.
Business owners and experts identified three levers to reducing health insurance costs:
1. Benefits plan design
The first opportunity to manage and potentially reduce health insurance costs is at the time a company’s plan is being developed.
2. Preventative care incentives
There are some simple choices employers can make that have a real impact on employee health — and are often overlooked.
Although 93% of small business owners say that employee wellbeing is critical to their bottom line, only 22% have a wellness program in place.
Understanding what drives the cost of what your company pays for medical care is the third big opportunity to lower overall costs.
What are business owners most concerned about when it comes to the cost of providing health insurance?
- 79% - The impact on my company’s profitability.
- 59% - An increase in premiums making health insurance coverage for my employees unaffordable.
- 47% - The cost limits my ability to award bonuses or give raises.
What can you do?
Learn how business owners like you are addressing the rise in health insurance costs.