At LUXA, we want to educate and empower CEOs and business owners to make wise choices when it comes to Open Enrollment 2022 – choosing health care options that benefit both their employees as well as their budget.
Health care is one of the greatest expenses of any small to mid-sized business. Health care is one of the most important incentives you can offer your employees. However, it is also one that requires great thought. Unfortunately, the effects of inflation are incredibly apparent in health care. As of this year, average inflation for renewal of health insurance has increased 7.66%.
Take a step back and consider everything your organization has experienced over the last 2 years. Consider the hardship on families and use that reality to help guide your cost-sharing decisions during Open Enrollment 2022.”
– Brian Martin, Vice President of Human Resources, LUXA Enterprises
Understanding Inflation in Health Care Costs
So, why so much inflation in the world of health care? As with many other things in our world today, much of this dramatic inflation is a direct result of the COVID pandemic. With so much uncertainty, many Americans put off surgical procedures and other medical care during the height of the pandemic.
To make matters worse, hospitals were not allowing important surgical procedures and routine exams to take place. This was largely due to a shortage of nursing staff and the increased cost of hospital supplies. Unfortunately, we are now seeing the effect of this as individuals are catching up on surgical procedures, routine exams, and other appointments that should’ve been taken care of last year.
Health care spending dropped in 2020. However, we can expect to see a dramatic increase in the coming years as Americans seek this deferred medical care and deal with the effects of serious illnesses that were missed in their early stages due to the lack of routine exams.
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Distinguish Yourself As An Employer of Choice
Now, more than ever before, individuals are realizing the importance of health care benefits. The labor market is much more competitive after COVID. If employers are more generous in their health care offerings, they’ll experience better retention of skilled employees! As a business owner or CEO, it is important to consider this as you prepare for Open Enrollment 2022.
Distinguishing yourself as an employer of choice by offering great health care benefits will be well worth the added expense in the long run.
Strongly Consider Cost-Sharing Options
As you prepare for Open Enrollment 2022, take some time to strongly consider how much cost-sharing you will pass on or not pass on to employees. Employees have experienced the pandemic fallout, been furloughed from jobs, and suffered unemployment. These hardships make them sensitive and fragile. Providing them with some TLC in the job market in the form of quality health care benefits will incentivize them to perform for your company or organization.
How LUXA Can Help You Prepare for Open Enrollment 2022
Many small to mid-sized businesses are overwhelmed when it comes to health care benefits. Without a dedicated HR professional, Open Enrollment is complex and intimidating. At Team LUXA, we are passionate about providing you with HR experts that will provide guidance and insight through Open Enrollment 2022.
Unfortunately, too many business owners and CEOs wait until the last minute to begin research on their health care options for the coming year. This creates a sense of panic and often leads to selecting a benefits package that is not in the best interest of your team or your budget.
With our HR experts on your team, you will have access to the latest information regarding health care benefits. This allows you to remain at the forefront of your industry by offering your employees the coverage they deserve.
REQUEST ONLINE PRESENTATION
We’ll demonstrate how you can save money while improving your efficiency and accuracy when you outsource your back office services to TEAM LUXA.
Let Us Present A Plan →
Call TEAM LUXA today at (918) 928-7288 to learn more about why outsourcing is right for you!