Working on the 2014 budget? If you're a Colorado-based employer, it would be prudent to kick in a little extra on the line item for health insurance.
A survey by the Lockton Denver Benefit Group found that the average Colorado employer's health insurance bill will increase by nearly 11 percent next year. That's kind of a shocker, coming on the heels of a very low 2013 increase of 7.4 percent over the prior year. While double digit hikes aren't uncommon in Colorado, after two years of single digit boosts, employers may have held out hope for a kinder 2014 rate increase.
In Colorado, the burden of health insurance is falling hard on all parties. The forecasted rate reflects the cost before plan design changes and consideration of other options to hold costs down. Employers reported that they are taking multiple steps to try to whack back the double-digit increase, but employees are the ones who will suffer most from the whacking.
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