Employers Continue to Absorb Rising Health Insurance Costs

KFF recently issued its 2024 Employer Health Survey and – to the surprise of nobody – found that annual premiums for employer-provided health insurance shot up yet again in the past year, rising 7%.

What is interesting, however, is that the share paid by workers was little changed; in fact, according to KFF, the premiums paid by workers have increased by only 5% over the past five years.

In other words, while the cost of employer-provided health insurance continues to go up, employers continue to absorb nearly all the annual premium increases.

Unfortunately, most employers do a poor job of communicating this important fact to their workers. Total rewards statements are an important tool that organizations can use to get across this key message while at the same time providing their workforce a complete picture of everything that goes into each employee’s total compensation package.

Learn more about how RewardsFocus can help you tell your organization’s unique total rewards story by reaching out to us today.