If you are CEO running a big U.S.-based business, one project sitting on your desk right now is probably labeled, “manage health insurance in 2015.”
Well, 2015 is right around the corner, so it’s time to make some fast—but smart—decisions about how your company can successfully adjust to the health insurance changes in store for the coming year.
Two Things You Need to Know
In order to masterfully handle the insurance dilemma with decisive action and measured, positive results, there are two things you need to know.
This information will help you to not only navigate the insurance plan minefield, but may even help you to chart a course for better health care for your employees for years to come.
1. As the following article shows, the cost of health care premiums varies wildly by where you live. For example, whether or not you think it’s fair, people pay less for health care in Utah than residents of Washington, D.C. Insurance companies will tell you that they come up with premium costs based on complicated algorithms that calculate complicated factors like population density, pollution indexes and crime rate. But for the average employee, the increased premium isn’t offset by an increased salary to help pay for the premium.
The bottom line is, relocation of your company could be a viable way to provide lower health care costs to your employees. If region isn’t a condition of your company’s success, and enough employees would be willing to make the move with you so that you wouldn’t have to start all over again with new people, relocation isn’t an option you should quickly dismiss.