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.
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.
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.