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| Tight labor market means lower medical costs for workers |
Healthcare costs fell in the form of lower deductibles
and copays this year thanks to a tightening labor market as employees can more
easily find work elsewhere.
A new analysis by employee benefits consulting firm
Mercer shows that the transfer of more costs in total employer premiums to
workers has been reduced this year, particularly in for lower-wage workers.
Employees are now seeing some of this health care good news continuing through
2022 as they choose their healthcare benefits during open enrollment, the annual
period that allows them change or choose coverage for the following year.
“Concerns about the affordability of health care for
lower-wage workers, coupled with the need to retain and attract employees in a
competitive labor market, have been overwhelming,” said Mercer. led to an
unexpected reversal in some health plan cost-sharing trends.” This week looks
at changes to health benefits this year. The data comes from Mercer's national
survey of more than 1,700 employer-sponsored health plans with 50 or more
employees.
Here are some notable points:
Among small employers with 50 to 499 workers, the
“average deductible” for individual coverage in a preferred provider
organization (PPO) drops to $900 from $1,000. dollars.
The average deductible for an individual in the qualifying plan for a health savings account dropped to $1,850 from $2,000.
Major employers have increased family coverage in PPO
plans from just $12 to $602 a month this year from $590 a month.
Major employers haven't increased their employees' premium contributions much, with the average monthly wage deductible increasing $7 "for employee-only coverage" to $167 from $160.
“Not only have most employers delayed increasing
deductions and other cost-sharing provisions, but some have even made changes
to reduce employee out-of-pocket spending on benefits. health services,” said
Mercer.
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Source shared from: forbes.com
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