Search
 
Commentary

This renewal season, ask yourself: Can we afford to uphold the status quo?

After a chaotic year, HR leaders are faced with a choice: keep their benefits plan as is and deal with cost increases, or try something new.

By Marcel Ocampo | August 17, 2021 at 09:40 AM
Health care symbol and wrench If there was ever a time to do something different, it’s right now. Employers need to rebuild a foundation of trust.

When I began my benefits career 18 years ago, health insurance was a whole different ballgame. $0 deductible PPO plans were common. Prescription drug deductibles were unheard of. People were actually able to afford their health care — well, relatively speaking.

Over the years, I’ve watched a very concerning trend unfold. With every passing renewal season, I’ve seen an erosion of benefits. I’ve watched as the quality dwindled bit by bit, leaving in its place an overcomplicated system that drains employees’ time and resources, as well as business’ capital. I witnessed health spending by families covered by employer health plans rise two times faster than wages over the last decade.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

New COVID variant is on the rise, has tripled in the past 2 weeks

New COVID variant is on the rise, has tripled in the past 2 weeks

Alan Goforth |

Although the pandemic is over, COVID-19 remains a persistent threat, as incidents of a highly mutated variant, BA.2.86, have tripled in the past 2 weeks but the CDC is confident the vaccines will be effective against the new strain.

The “Zillennial” guide to open enrollment

The “Zillennial” guide to open enrollment

David Feinberg |

Understanding your specific needs, a plan’s total cost, and how tax-advantaged accounts work, can not only save you money, but also make sure you are getting the most out of your health insurance plan.

BenefitsPRO Broker Expo 2024Event

The premier educational and networking event for employee benefits brokers and agents.

Get More Information
 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.