Posted in: Benefits, In this week's e-newsletter, Latest News and Views
Here’s a chance to benchmark your costs for health care against what’s going on nationwide.
The U.S. Bureau of Labor Statistics has released its most recent report on the percentage increase of health costs for private employers.
The report tracks the costs for a 30-year period ending in March of this year. Some highlights:
- The most recent data shows a 3.4% increase in private-employer healthcare costs nationwide for a 12-month period ending in March. That’s down a little from the previous five years, which had increases ranging from 3.5% to 5.2%.
- In the last 10 years, the biggest percentage increase – 10.5% — came in 2002. That was followed by substantial increases of 9.8% in 2003 and 9.3% in 2004.
- Even though we tend to think of skyrocketing health costs as a fairly new prospect, the data show that the biggest jump in costs took place in 1989, averaging about 13.5% for that year.
- Over the last 12 months, total compensation—which includes salaries, wages and benefits—rose 2%. The rise was primarily due to a 3% rise in overall benefits expenses, mainly health insurance, paid leave, retirement and overtime premiums.