Employee Benefit News May 10, 2021
Healthcare is one of the biggest expenses for both employers and employees. The average family premium for a company is $21,342, according to data from the Kaiser Family Foundation. Since 2009, premiums rose 54%, while workers’ contribution increased 71% – several times more than wages (26%) and inflation (20%).
Even worse, there is no correlation between higher costs and better care. Hospital costs for the same procedure can vary dramatically and are up to four times more than what Medicare pays, according to a Rand study.
Although the Affordable Care Act attempted to address many of the long-standing challenges by shifting to value-based care and testing new models of healthcare delivery, problems still remain.
President Biden is already taking steps...
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