2014 HR Compliance Guide

2014 HR Compliance Guide

We’ve developed an easy guide summarizing what your organization needs to know to stay compliant as it begins the New Year. The guide includes a summary of several regulations that take effect as well as important legal issues on the horizon.

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3 Health Care Cost Benchmarks

With some organizations and individuals encountering significant changes to their health insurance costs and plans in 2014, the following metrics provide benchmarks on how organizations in Northeast Ohio have structured their health insurance plans and how much these plans are costing both employers and employees.

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Employers Increasingly Offering Health Savings Plans

According to the results of the 2011 ERC/Smart Business Workplace Practices Survey, the percentage of Northeast Ohio employers offering health savings plans continued to increase from its current 35% – the highest percentage reported by the survey since 2003. The survey, conducted in partnership with Smart Business Magazine, showed a steady increase in the percentage of Northeast Ohio employers offering health savings plans over the years, indicating that this benefit is increasing in popularity.

The results of the survey also showed that health insurance premiums were continuing to rise, and more employers said that health insurance costs are a growing challenge for their businesses. Specifically, organizations report a 10% increase in health insurance premiums from 2010, an increase of 1% from 2010, and the highest increase from 2007 based on the survey results. Employers appeared to be turning to alternative health care options, such as health savings plans, to manage rising costs.

 “The increase in Health Savings Plans (HSA’s) is not surprising as more employers are seeking ways to balance providing competitive benefits with gaining more control over rising health insurance costs,” says Patrick Perry, President of ERC.

To download the free results of this survey, please click here

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