February 2024Resources for Businesses Navigating Rising Health Care Costs

Employer-sponsored health coverage is a pillar of the health care system in the United States. More than 180 million Americans get coverage through an employer. Business owners know that the health coverage they offer to their employees is essential for recruiting and retaining talent, and maintaining a healthy workforce.

In 2023, health insurance premiums reached $8,435 per year for an individual and $23,968 per year for family coverage. As these costs continue to rise, so does the challenge for small and mid-size businesses who are disproportionately impacted. Employers need to ensure they’re providing the coverage and access to high quality care their employees need, while realizing value for the money spent. Business owners and benefits managers need accurate information so they can make informed decisions about health insurance options, including finding ways to offer more affordable coverage and high-quality care to their employees.

Morgan Health has developed several resources to help small and mid-sized businesses navigate the challenges of rising health care costs so they can make the best choices for their business and their employees

Preparing for Rising Health Care Costs Understand the employer-sponsored health care landscape, the implications of rapidly rising costs for small and mid-sized businesses, and the role of health benefits in the competition for top talent.

5 Important Questions to Ask a Benefits Broker and One to Ask Your Company Licensed employee benefits brokers can save time and help navigate confusing health benefit choices. As they may also be paid a commission by insurance companies, it’s important to ensure that your broker prioritizes your business needs.

Health Plan Funding Considerations for Small and Mid-sized Businesses While the rising cost of health care and a tight labor market put additional pressure on employers when selecting health benefits, there are many funding strategies an employer can choose from, including new options that can save money while maintaining high-quality coverage.