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When it’s Important to Stay in the Know.
Sourcing Health Benefits Plans that Won’t Break the Budget
At a time when individuals and organizations alike feel the strain of rising prices, managing healthcare benefits costs is crucial. Understanding the factors contributing to rate hikes, as well as available options, can play a key role in helping a company strike a healthy balance — controlling costs while looking out for its people.
From wellness program implementation to cost-sharing strategies, there are ways to ensure your benefits package works for your team and your bottom line. Remember, your BCH team is your advocate, and it’s our job to help you find and secure affordable plans that are in your company’s best interest. Here, our employee benefits professionals offer guidance to help you navigate your available options and strategies when it matters.
Understanding the Causes Behind Rising Healthcare Costs
Economic Considerations: Ongoing inflation, increased costs related to hospital fees and rising prescription drug prices all contribute to shifts in U.S. health insurance costs. They often result in higher employee premiums as employers adjust budgets to meet with expenses.
Changes in the Healthcare Field: In addition to administrative costs such as insurance considerations and billing, which contribute to increases, the medical industry has undergone its share of transitions in recent years. Technological advances that streamline surgeries and improve patient care, for instance, also require costly equipment and treatments. Meanwhile, mergers between healthcare providers and hospitals reduce competition, often resulting in price hikes.
Age & Health Considerations: Extended life expectancies, paired with Baby Boomers’ entrance into their senior years, place added strain on the healthcare field. In addition, there’s an increased prevalence of chronic conditions such as diabetes, heart disease and various cancers in the general population. As the need for ongoing medical care and medications persists, an already strained healthcare industry stretches further, driving prices up.
More than half of employers who took part in a 2024 Best Practices in Healthcare Survey by WTW reported plans to redesign their benefits offerings to keep costs in check. Here, you can find some of the top approaches organizations are turning to in their efforts to pursue affordable options.
BCH is excited to announce Timothy J. Brady’s promotion to CEO! The third generation of his family to help shape our firm, Tim brings a wealth of experience and forward-thinking leadership to his role. He joined BCH as a risk advisor in 2008 before taking roles as vice president and, in early 2024, president. Former CEO Jeffrey L. Brady will continue guiding BCH as chairman while also working directly with clients in an advisory capacity.
Avoiding Winter Slip-Ups
Winter weather carries with it a unique set of obstacles — particularly in the form of slip and fall hazards. When wet, snowy or icy conditions enter the scene, it can create unsafe conditions for workers and liability hazards for companies, too. Here, our risk management professionals offer tips to help your team members play it safe throughout the season. Download your copy and share it today!
BCH’s Risk Management Center
Offers a Wealth of Resources
With 24/7 employee access to provide better control over benefits, training tracks designed to keep internal education on schedule and a library of risk management resources aimed at protecting your team and operations, your Risk Management Center (RMC) offers support when it matters.
