It’s no secret—health care costs in the United States have risen sharply over the past two decades. A study by the Journal of the American Medical Association found that U.S. healthcare spending increased by $1 trillion from 1996 to 2015. Just in 2020 alone, the average premium rose by 4% for both single coverage and family coverage, according to the Kaiser Family Foundation’s (KFF) Employer Health Benefits 2020 Annual Survey. As costs continue to climb at a steady rate each year, employers feel the pressure. That’s why reviewing your employee benefits program regularly is critical to managing costs and ensuring employee retention. More information on mitigating health care costs is available
here.