The Changing Face of Health and Dental Benefits
Group employee health and dental plans have undergone significant change in the past ten years. The changes are a result of a number of factors that definitely affect both employers and employees. These factors include:
- Competition among insurers has diminished as a result of consolidation. This has reduced the range of options for consumers.
- Most insurance companies are now owned by shareholders rather then by policy holders thereby affecting bottom line decisions.
- Health (especially drugs) and dental costs are rising by ten to fifteen percent a year. This translates into an unreasonable premium increase.
- Employer concern over consistent rise in health and dental premiums.
- Employee dissatisfaction and frustration over confusing terminology and porous coverage.
- Decisions are made by insurer to force employers into pre-designed packages that do not fit your corporate culture.
The result of these changes is higher cost and less benefit. Contact Olympia Trust to learn more about implementing a cost-plus health and dental plan for your employees.