The escalating cost of health care continues to impact American businesses and families alike. Just how much have health care costs risen? According to the Kaiser Family Foundation’s “2018 Employer Health Benefits Survey,” the year-over-year increase in average annual premiums was 3 percent for individuals ($6,896) and 5 percent for family plans ($19,616).
For employers, the challenge is finding funds to continue providing adequate and affordable coverage with a competitive health plan that can attract and retain employees. In a tight labor market, a robust benefits package will be something many prospective employees seek.
For those insured through employer-sponsored health coverage, the challenge is dealing with rising out-of-pocket costs as many businesses switch to high deductible health plans (HDHPs). A high deductible plan lowers health care costs for employers and reduces monthly premiums for employees as well. Yet, while there are advantages to HDHPs, unexpected medical bills can be an issue.
Uncertainty around the future of health care is something both organizations and individuals are facing. Independent insurance agents can play an important role in helping employers and employees navigate challenges and identify solutions that meet clients’ needs and their budgets.
One of those solutions is supplemental coverage known as medical gap insurance. Download our FREE guide and discover why the EPIC Gap Plan is a useful way for employers to provide options and add value to benefits packages while giving employees peace of mind regarding unforeseen health care needs.
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