UR Risk LLC

Here's a great post form LinkedIn I wanted to share because more people need to understand the political aspects, or influence on the high cost of healthcare. The healthcare industrial complex has the second largest political lobbying machine with both federal and state level impact.

New Jersey's $100M Settlement Exposes Billion-Dollar Problem and A Roadmap for Affordability | Chris Deacon
linkedin.com
New Jersey's $100M Settlement Exposes Billion-Dollar Problem and A Roadmap for Affordability | Chris Deacon

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I hope this article is right and more employers start to look beyond the status quo options presented to them over the last 30+ years. The opportunity to take control of their employee benefits cost is there, it just needs to be embraced.

The other change that was left out of this article, is managing employee benefits like any other aspect of your business, know your cost and cost drivers, implement strategies to manage them, and leverage new technologies and strategies to your advantage.

When you have a business partner or supplier that you find out is working against you, or profiting at your expense, do you keep working with them? Or, do you develop an alternative strategy without them? While your premiums go up year after year, the major health insurance carriers report quarter after quarter of increased revenue, and stock prices that have increased 300%-400% over the last 10 years. Has you companies value grown at that rate?

Yes, it requires change, but the rewards are substantial, and your competition will be embracing them eventually so who do you want to gain the upper hand first, you or your competitors? Many are already doing this and the results there, but more need to join the shift to bring health care cost in line and reduce the financial drain our current health care system has created.

Four ways employee benefits will change in 2024 | BenefitsPRO Leaner budgets will drive technology adoption and accelerate benefits automation.