Your benefits plan is one of your company's largest expenses, and yet many employers don't know how much they should be spending on their plan. (Photo: Shutterstock)

The price of health care benefits rises dramatically every year, and it looks like 2021 will be no different. The Society for Human Resource Management (SHRM) projects that next year's healthcare benefits will cost 5.3% more than they did this year, further necessitating effective cost management strategies for employers who want to increase their savings.

While some brokers may offer rate holds to business owners to combat this struggle, employers should still think twice before accepting such an offer, especially if they don't have access to important data about their claims.