Source: Employment Alert, Volume 36, Issue 23, November 12, 2019
Curbing the cost of health care and increasing its affordability remain the top priorities for almost all employers over the next three years (93%), according to the Best Practices in Health Care Employer Survey by Willis Towers Watson. Yet nearly two in three (63%) employers see health care affordability as the most difficult challenge to tackle over that same period.
Employers expect health care cost increases of 4.9%* in 2020 compared with 4.0% in 2019. Despite this cost increase, 95% of employees are very confident their organization will continue to sponsor health care benefits to active employees in five years. Moreover, employers’ longer-term commitment to sponsoring these benefits 10 years from now hit 74%, the highest level in the past decade. The rising cost of health care puts financial pressure not only on employers, but also their employees. In fact 89% of employers believe rising health care costs are a significant source of financial stress for their employees.