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Healthcare takes up 7.6 percent of employer budgets, study shows - Benefits Pro

Research shows the cost of employer-sponsored health plans is rising, but a new study from SHRM sheds more light on how what covering an employee actually entails. (Photo: iStock)

Research shows the cost of employer-sponsored health plans is rising, but a new study from SHRM sheds more light on how what covering an employee actually entails. (Photo: iStock)Jack Craver writes for Benefits Pro about a new report from the Society of Human Resource Management that displays the effect that rising healthcare costs has had on employers and employees.

Read the full original article from Benefits Pro.

Craver notes that "the cost of providing health coverage to the average U.S. employee rose nearly $500 over the past year" which means "employers are now spending an average of $8,669 annually for each worker they cover." This eats up, on average, 7.6% of employer budgets. Some employers are opting to shift out-of-pocket costs to employees, who feel like healthcare costs are so out of control that they honestly cannot afford coverage.

Employers can avoiding cost-shifting without giving up more of their budgets to healthcare benefits with an innovative new healthcare model, partial self-insurance. In fact, employers who switch to partial self-insurance with Nonstop Wellness save a baseline of 12.5% on healthcare spend. Learn more in Nonstop's Quick Guide to Partial Self-Insurance:

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The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. This communication does not constitute a legal opinion and should not be relied upon for any purpose other than its intended educational purpose.

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