Every day we hear again about how rising healthcare costs, especially deductibles and other out-of-pocket costs, are impacting consumers. But the real dilemma isn’t necessarily just rising deductibles and the trend of cost-shifting more and more costs to employees. It’s all of that in comparison to wage growth. Or rather – a lack of wage growth. Consider these staggering statistics:
For nonprofits this is especially concerning when considering that most organizations are already struggling to provide competitive salaries to begin with. As healthcare costs increase and wages stagnate, nonprofits are more than likely finding themselves in a tighter bind that restricts recruitment and retention efforts.
However, there is a solution that may require some time and effort in the short run but with big payoffs long term. Re-evaluating your current healthcare plan with a keen eye can be a potential game changer when it comes to not only saving your organization time and money, but also providing better benefits for employees. And with six months to go until the big open enrollment season (which begins November 1, 2016), this is a perfect time to start.
For those nonprofits that are looking for creative solutions to the increasing unpredictability of traditional healthcare plan costs, we highly recommend breaking your re-evaluation of current offerings into three areas:
By taking each of these pieces one at a time, the task of re-evaluating your healthcare plan becomes more manageable. And in the end you will have a bigger – and better – picture of your health benefits to determine if they are truly serving your organization in the best way.
For more information on how to re-evaluate your healthcare plan and
alternatives to traditional benefits, please join us for a FREE webinar:
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. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose