Americans 'doubly feel the effects' of soaring health care costs
Health care costs are rising, and employers continue to reduce wages in response.
Increased health care spending “contributed to 15% of the observed increased enrollment in high-deductible plans” between 2010 and 2016. (Image: Shutterstock)
The steady increase of health care costs has lowered wages for employees and caused other shifts in benefits, according to the authors of a new Rand Corp. study.
The working paper —”
Who Pays for Health Care Costs? The Effects of Health Care Prices on Wages“—confronted the dynamics of hospital mergers on health care costs and wages in the workforce. Employers, the authors concluded, reduce wages as a response to rising health care costs.
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Company leaders may not have the right information to effectively shape benefits plans in a way that best serves employees.
In 2020, health insurance premiums and deductibles ate up 11.6% of Americans' incomes.
Employers are still in the middle of a changing benefits landscape, with more uncertainty to come.
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