human resources, Industry News, Professional Employer Organization (PEO) Services, Risk Management

Employer Healthcare Costs Will Rise 6.5% This Year, Experts Predict

As an employer, you know how important it is to provide your employees with the benefits they need to stay healthy and happy. Group health insurance is a popular and effective way to do this, offering a range of coverage options that can be tailored to the specific needs of your workforce.

Unfortunately, the cost of employer-provided health insurance is set to rise again in 2023, with Aon predicting an increase of 6.5%—more than double the increase we saw from 2021 to 2022. With this in mind, it’s more important than ever to be proactive in finding ways to manage your healthcare costs and get the best value for your money.

Do I need to provide group health insurance?

Despite the costs, group health insurance can provide a range of benefits to both workers and employers. Here are just a few reasons new or improved health benefits could be a game changer for your business:

  1. Attract and retain top talent: Offering group health insurance can help you to attract and retain top employees, as it is often viewed as a valuable and desirable benefit.
  2. Improve employee morale and productivity: By providing access to quality healthcare, you can help to improve employee morale and productivity. Employees who feel that their healthcare needs are being met are more likely to be engaged and motivated at work.
  3. Manage healthcare costs: Group health insurance can help to manage healthcare costs for both employers and employees. By pooling risks and negotiating group rates with insurers, employers can often secure lower premiums for their employees.
  4. Protect against financial risk: Health insurance can help to protect both employers and employees against the financial risks associated with unexpected medical expenses.
  5. Comply with legal requirements: In some cases, employers may be required by law to offer group health insurance to their employees.

How can I implement group health insurance for my business?

One solution is to work with a professional employer organization (PEO) like INVO PEO. We offer a range of group health insurance options that can help you provide your employees with the coverage they need while keeping costs under control. Our team of experts will work with you to understand your specific needs and identify the right plan for your business.

In addition to group health insurance, INVO PEO offers a range of other benefits and HR services that can help you to streamline your HR processes and save time and money. From payroll and tax compliance to employee training and development, we have the expertise and resources to help your business succeed.

If you’re looking for a way to manage your healthcare costs and provide your employees with the benefits they need, consider working with INVO PEO. Our team is here to help you navigate the challenges of rising healthcare costs and find the right solution for your business.

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