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Employers Try New Ways to Combat High Medical Insurance Costs

August 28, 2013  from: News

Kansas City, Kan. — Rising insurance costs are forcing employers to re-evaluate the benefit options offered to employees in an effort to reduce their bottom line. Recently, United Parcel Service (UPS) announced changes to their medical insurance plans that will end coverage for working spouses of UPS employees, beginning in 2014.

Cost reduction measures are not new to employers, who have been faced with rising medical insurance costs over the past several years. According to Compdata Surveys’ national benefits survey, which features data on more than 4,500 company benefits plans covering 13 million employees, nearly 10 percent of employers assess a surcharge to employees if they enroll their spouse on their benefits plan even though the spouse is eligible for coverage through his or her own employer.

For Many Employers, Employee Wellness is No Longer Merely an Option

April 18, 2013  from: News

The Compdata Surveys Benefits USA 2012/2013 survey results found 34 percent of employers offering wellness programs either provide insurance discounts for employees participating in wellness programs or impose penalties on employees with risk factors, who aren’t taking action. That’s up from just 25.4 percent in 2009.

Employers Use Voluntary Benefits to Enhance Plans

December 12, 2012  from: dataLink

With slow economic growth and minimal pay increase budgets to work with, it’s no wonder companies continue to count every dollar when it comes to benefits planning. Human resources professionals, who are also dealing with the demands of employees to offer more comprehensive coverage, have found that offering voluntary benefits may be the key to boosting the value of their company’s benefits plan.

Insurance Costs Continue Trending Upward for Hospitality Organizations

December 6, 2012  from: News

The 2012 Compensation Data Hospitality survey results reported the average annual cost of insurance per employee on a hospitality employer sponsored PPO plan is $6,380. That’s up from $4,902 reported in 2009, an increase of 30.2 percent in three years.

Voluntary Benefits and Perks Add Value to Traditional Employer Benefit Plans

November 28, 2012  from: News

Human resources professionals have found that offering voluntary benefits may be the key to boosting the value of their company’s benefits plan. The Compdata Surveys Benefits USA 2012/2013 survey results found 49.6 percent of organizations offer accident insurance to employees as a voluntary benefit.

Insurance Costs Continue Trending Upward for Banking and Finance Organizations

November 20, 2012  from: News

The 2012 Compensation Data Banking & Finance survey results reported the average annual cost of insurance per employee on a banking and finance employer sponsored PPO plan is $7,887. That’s up from $6,231 reported in 2009, an increase of 26.6 percent in three years.

Manufacturers Struggle with Mounting Insurance Costs

November 15, 2012  from: In the News

The average cost of insuring employees in the manufacturing sector continues to rise at a dramatic pace, putting considerable pressure on smaller companies in particular.

Flexible accounts to have new limit

November 10, 2012  from: In the News

When the New Year arrives, another provision in the Patient Protection and Affordable Care Act will kick in —and this time it will affect the flexible spending accounts employees have established through their employers.

Insurance Costs Continue Trending Upward for Not-For-Profit Organizations

November 8, 2012  from: News

The 2012 Compensation Data Not-For-Profit survey results reported the average annual cost of insurance per employee on a not-for-profit employer sponsored PPO plan is $8,859. That’s up from $7,543 reported in 2009, an increase of 17.4 percent in three years.

Flexible Spending Accounts Face a Big Change in 2013

October 30, 2012  from: News

The Benefits USA 2012/2013 survey results found 89.7 percent of companies offer a flexible spending account to their employees, with 23.6 percent of employees at these organizations enrolling in them.

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