Can I afford to offer benefits?
Benefits are a proven employee retention tool, but what do they really cost and how will that change over time? Here are some ways to think about benefit costs:
- Using premium increase survey data from the Kaiser Family Foundation, an individual policy that cost $100/month in 1988 would cost $507/month in 2007 if it experienced the “average” nationwide increase each year.
- To illustrate the effect of even small mitigation efforts, if a $300/month policy today had its annual increases limited to 7% instead of 10%, that effort would save over $2,000 over 5 years.
Let Century II take care of the benefit management burden making sure you are not wasting hard earned money by over paying for products. As a part of the Century II master benefit program, you have the ability to contain your costs long term and offer richer benefits and more choices for your employees.