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Health care was the largest driver of state and local expense growth between 2005 and 2015, adding up to $929 billion in spending. (Photo: Shutterstock)As health care costs continue to rise, it’s not just employers and consumers that are feeling the burn. State and local governments are also having to make some difficult financial choices.
According to a report from Fitch Ratings, the cost of health care will eat up an astonishing 38 percent of state and local budgets by 2025. The estimate is based on a 10-year projection that assumes no offsetting policy changes and takes into account projected rates of inflation.
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Marlene Y. Satter has worked in and written about the financial industry for decades.
COVID presumptions could be joined by new vaccine-related workers’ comp laws in several states.
Telehealth providers are trading fee-for-service models for value-based care and taking on more upfront costs.
High demand and scarce supply have opened the door to bad actors, and officials in some states are having a hard time keeping up.
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Win the Talent War: The Recruiting-Retention-Benefits Connection
Competing successfully in today’s labor market means moving away from reactive recruitment practices that are overly reliant on compensation. Instead, take a more strategic approach with innovative add-on health benefits that complement core benefits and can be tailored to the needs and wants of a diverse workforce. Download this guide to learn how.
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