Businesses all over Southeastern Wisconsin are justifiably concerned about rising health care costs. Today’s Business Journal of Milwaukee had an interesting article about rising employer costs in 2010.
One of the key points is that employers’ health care plan costs are increasing an average of 11 to 13 percent for the current plan year, up from the average 8 to 10 percent increase reported last year.
We have reached a time of unprecedented health care cost increase in the U.S. This has lead companies to give more attention to their health benefit plans. Companies are assessing the impact of health care reform; once again managers are involving themselves in their health benefit strategy. Is it true that most companies are focusing on compliance with the Patient Protection and Affordable Care Act (PPACA), while some other businesses are already making significant changes to their health benefit plans.
At HNI, we have the view that in light of the new complexities around all of the regulatory guidelines and mandates, business leaders should take the time to understand the new legal environment and seek advice before making too many long-term changes to their health benefit strategy. The more informed business leaders become about their health care strategy and the new changes, the better they can assess their health care strategy and understand the implications on their business and employees.