Employers Are Expected to Spend More on Health Care and Wellness in the Next Year
According to Optum’s Wellness in the Workplace study, more than 80% of employers plan to spend more on health care and wellness in the next year than in previous years.
Health Care Spending
The cost of providing employer-sponsored health care has been steadily increasing over the years. According to the Kaiser Family Foundation, the average health insurance premium for family coverage was $19,616 in 2018, with employers paying 71% of that cost. Premiums are expected to continue to increase, which means employer health care spending will increase too.
To mitigate rising health care costs, improve attraction and retention, and increase employee well-being, many employers plan to spend more on wellness initiatives in the upcoming year. Specifically, employers plan to focus on mental health initiatives and disease management.
For resources on wellness initiatives or mitigating health care costs, contact Rose Street Advisors today.
Today, well-being programs are an indispensable benefit, with most employers planning to increase their investment.