Co-Author: April Mays

Although healthcare costs are a major concern, a majority of companies do not consider it likely that they will stop offering benefit plans in the future; therefore, strategies for dealing with the rising costs must be addressed.  The 2013 Manufacturing Compensation & Benefits Benchmarking Study–which surveyed 63 companies in the manufacturing industry in the Cincinnati region–determined the top areas with some interest, significant interest, and key strategies for controlling healthcare costs, a top personnel issue for most companies.

Employee Benfit Plan

Wellness Programs

Based on the survey we found that a large percentage of companies have at least some interest in using wellness programs and health risk assessments as a means of improving the health of their employees in an attempt to lower costs. There is also interest in lowering company expenses through increasing the employee costs through higher co-pays and deductibles or through moving to a Health Savings Account.

Manufacturers Wellness Programs

Preparation for Reform

With the current situation surrounding healthcare reform, it is not surprising that just more than a quarter of companies have done a full financial review of the impact; however, with controlling healthcare costs being one of the main issues facing the nation today, it is time to seek out viable strategies to ensure staying ahead of the rising costs.

 

Manufacturers Preparation Reform