Health Care Trends to look at the rest of 2014

Rising health care costs and larger employee benefits responsibilities stay a gentle concern because the health care landscape evolves. The hot health care trends and changes bring new worries for workers and employers alike.

As a small business owner, you’re faced with HR issues, comparable to greater employee benefits responsibility within the face of accelerating health care expenses, and must learn what topics are most necessary to speak back in your workforce.

Below, we’ve simplified a couple of key trends to observe as Q2 2014 really gets under way:

1. Increased Think about Accountability to manipulate Health Care Costs

With health care costs continuing to soar and no lead to sight, consumer and provider accountability are gaining attention as potential solutions to controlling rising health care costs. Although the street ahead is long, companies are already taking steps toward solutions. The ongoing development of accountability strategies could mean more predictable and regulated costs for employers and employees may truly start to see lower or no-cost health care services. The onus is on both parties to look through these aspirations.

On the patron side, three of 4 (79 percent) employees will be willing to switch their lifestyle habits if their employer rewarded them with lower premiums. An example of one of these program could be employees who don’t use tobacco having lower insurance rates than their smoking counterparts.

When it involves provider accountability, hospitals and insurers are working together to transport their pricing models to price-based outcomes and corporations are commencing to make strides with bundled pricing to maintain costs under control.

2. Emergence of personal Insurance Exchanges

Privately run exchanges are steadily gaining momentum and offer a one-stop shop for getting employer-provided medical insurance. These exchanges present employers with an easier strategy to offer comprehensive worksite benefits.

With private exchanges, small businesses can designate an amount to pay for coverage and employees can compare insurance policy and buy one who is good for them. This kind of delivery model helps employers control costs by giving employees a set stipend toward benefits. Once employees choose their benefits, remaining costs are paid by the worker through their paychecks.

3. A Growing Need for a sturdy Consumer Safety Net

In 2014, rising health care costs are expected to take another  (PDF) $181 (6.9 percent) out of take-home pay, but only 11 percent of small businesses are planning raises for his or her employees.  Even if employees are covered by a comprehensive major medical plan, out-of-pocket costs – both medical and non-medical – might be substantial if the worker or a member of the family has a major injury or illness.

The need is clear: Two in five (43 percent) U.S. workers no less than somewhat agree they’ll have a tricky time managing their very own health care coverage and decisions because they have already got difficulty saving and sticking to the cheap today.

As a small business owner, it’s as much as you to apply effective employee education and consumer-directed benefits tools to assist workers make smarter benefits decisions. Voluntary insurance benefits will stay a key method to help employees protect themselves from increasing out-of-pocket costs which may lead to unexpected debt.

4. Tailoring the worker Value Proposition to the subsequent Generation

Millennials are on their method to being the foremost educated generation in American history and are undeniably defined by their use and affiliation with technology. The bulk (83 percent) say they’ve got placed their cellular telephone on or right next to their bed while sleeping – when compared with 57 percent of the total population  (PDF) saying they’ve got done so.

Smart small businesses will adapt to the latest generation. Increased technology use is already taking the stage with 43 percent of employers planning to deploy digital technologies comparable to Web tools and mobile apps in 2014, and 31 percent are considering these tools for 2015 or 2016.

In the years ahead, employers must continue to take measures to regulate retirement, engagement, training and communications programs to account for a changing and more transient workforce.

Onward and Upward

Needless to claim, these are just some of the trends that may happen because the health care market continues to conform. However, keeping your eye on these gets you started down the precise path for the remainder of the year.

Trend Watching Photo via Shutterstock

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