2010 health care cost survey

2010 health care cost survey
Document type
Survey
Corporate author(s)
Towers Watson
Publisher
Towers Watson
Date of publication
1 March 2010
Subject(s)
People management: all aspects of managing people, Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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With health care costs continuing to climb, the effects of the current economic crisis yet to be shaken off and health reform discussions still under way, employers find themselves at a crossroads. A Towers Watson survey recently found that, amid these challenges, employers have never been more interested in workforce health and well-being. According to the survey - which profiles 552 of the nation’s largest employers, representing over $57 billion in annual spend on medical and dental benefits to approximately 10.3 million employees, retirees and dependents - average health care costs will increase 7% in 2010. This marks the sixth consecutive year of single-digit cost increases, in contrast to the double-digit trends seen in the first four years of the new millennium. However, it is important to note that average health care cost increases have outpaced the CPI for over a decade and will continue to do so in 2010. In flat dollar terms, gross health care expenditures will rise by an average of $636 per employee in 2010, pushing the average total cost above $10,000 for the first time in history. Survey results show that employers are eager to embrace change. Leading companies are looking at creative ways to redefine the deal with employees, optimize their investments in building and sustaining a culture of health, and capture a health dividend for the business

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