The rising cost of health care is beginning to put a great deal of strain on U.S. employers. Along with the soaring costs of health care, insurance is also rising, compounding the financial troubles faced by employers. Veridian Credit Union in Iowa is taking an aggressive stance of the health of its employees by introducing a new wellness program that is designed to keep the company’s health costs down. The program comes with coverage for voluntary screenings but also includes a steep penalty for those continuing unhealthy habits. The credit…
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Workers at Indiana University to pay more for health insurance next year
Employees at the Indiana University can expect to start paying more for their health insurance next year. According to Neil Theobald, vice presidents and chief financial officer of the university, the school is unable to keep up with the pace at which insurance rates are being increased. The university is unwilling to cut health care benefits for its staff, so has introduced a new initiative that has earned some controversy. Next year, the cost of health insurance for university employees will be based upon how much they earn, as well…
Read MoreSurvey shows workers often misinformed about costs of employer health insurance
A national survey conducted for eHealthInsurance between the months of September and October 2011, by Kelton Research, has shown that only 47 percent of participants who had employer-sponsored coverage are capable of stating with confidence the amount of their health insurance premiums that is covered by their salary and how much is paid by the employer. The survey also showed that 35 percent of the respondents who had employer-sponsored coverage were able to state how much the annual deductible for their plan was, and only 33 percent of the participants…
Read MoreEmployment doesn’t guarantee health insurance
A new U.S. Department of Labor-funded report has indicated that employer-sponsored health insurance is rapidly on the decline for millions of Americans. According to the researchers from Iowa Policy Project, the nonprofit organization that released the report, employees are losing the jobs that provide health insurance through the employer, and are finding new employment through contract or that is part-time, which makes it much more challenging to find affordable coverage. Co-author of the report, Noga O’Connor, said that it has become less common and more expensive to receive health insurance…
Read MoreAnother health insurance rate hike expected by next year
Mercer has released the results of its annual survey which have indicated that there will be an increase of 5.4 percent to employee health care benefit costs in 2012. Though the forecasted increase in health insurance rates will be the smallest one that has occurred in the last 15 years, it should still be noted that this increase is remarkably higher than salary growth and the inflation rate, the latter of which was at 3.9 percent. The employers who participated in the Mercer survey stated that they have been attempting…
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