Though the pandemic has had an effect on health coverage, premium increases have been outpacing inflation for some time. What does this mean to workers and employers in 2022?
There are three key takeaways from the past 20 years:
- Premiums will increase, but employers must stay diligent when reviewing their benefits programs in order to maintain manageable increases.
- Increasing deductibles is key for employers to use in managing ever-increasing premiums.
- A “high” deductible plan still has a negative connotation. In 2021, 85% of covered workers enrolled in a plan with the general annual deductible, but many hesitate to move to an HDHP/SO option because of the name “high” deductible.
What will the next five years look like?