What Can SMBs Do To Figure Rising Health Benefit Costs?

[Fit Small Business | ]( HR Insights from Our Experts                 Reasons Behind the Rising Demand in Employee Health Benefits in 2024   The rising demand for employee health benefits is driven by factors such as inflation, which raises the overall cost of living and healthcare. As expenses surge, employees seek comprehensive insurance coverage to mitigate the financial burden of medical care. This makes health benefits a crucial component of overall compensation packages, enhancing their significance in the job market. Additionally, the high cost of new medical technologies contributes to the rising expenses of healthcare services. Employers recognize the need to stay competitive in attracting and retaining talent, prompting increased investment in robust health benefits packages. Read more: [14 Employee Retention Strategies to Keep Your Top Talent](         Reducing Health Benefit Costs with a PEO   Having robust benefits is a selling point for attracting highly qualified candidates. However, with the rising cost of benefits, it can be difficult to provide competitive services. For small businesses, you can offer competitive benefits at reduced costs by partnering with a professional employer organization (PEO). [Reducing Health Benefit Costs with a PEO] With a PEO, small businesses are pooled together. This provides leverage to negotiate better rates on insurance (as PEOs have established partnerships with large insurance companies) and helps them offer more and better benefits plans and services than small businesses could on their own. PEOs offer an extensive array of services at reasonable prices such as commuter benefits, 401(k) plans, and workers’ compensation insurance. Read More: [What is a PEO & How Does it Work?](     Attractive Well-Being Benefits Amid Rising Health Benefit Costs   Healthy employees are the most productive. For organizations to have these, organizations need to provide health benefits that will be of highest value to their employees. However, is it still possible to do this with the rising costs of health benefits? You can start with your employee demographics. This has a significant impact on the cost of your health plans. For example, Boomers in the workforce are usually in their late 40s up to their 50s. Thus, they will probably favor a health benefit package that prioritizes screenings, check-ups, or prescription medication coverage. On the other hand, Gen Z's health priority is different from that of the Millennials or Boomers. Gen Zs are young and just starting to build their career. They also tend to focus more on mental wellness. Thus, giving them comprehensive health coverage with mental health support is highly recommended. Read more: [How to Manage Generation Z in the Workplace](     What’s new in HR? Check out some of our latest HR content:   [7 Best Employer of Record Services]( Usually used for companies with international payroll, an effective EOR service can take a lot of stress and busywork off your plate so you can concentrate on expanding your business. We looked for the best employer of record services, compared their pricing and offerings, and selected those that operate in multiple countries, offer special plans for contractors, and can handle payroll and hiring. [READ MORE]( [How to Post a Job on Google: 2 Simple Methods]( Google is the go-to resource for almost any query, including open job posts. It can be a powerful tool for getting your open positions in front of qualified candidates. While you can’t post a job ad directly on Google, its job ad aggregator, Google for Jobs, will pick up your listing from either a third-party site or your careers page on your website. [READ MORE](         Meet Fit Small Business’ HR & Payroll Experts   [-Jennifer Hartman, HR Staff Writer & Human Resources Expert]( [-Jennifer Hartman, HR Staff Writer & Human Resources Expert]( [-Jennifer Hartman, HR Staff Writer & Human Resources Expert]( [Heather Landau]( [Jennifer Soper]( [Robie Ann Ferrer](   [-Jennifer Hartman, HR Staff Writer & Human Resources Expert]( Want to Join Our HR Community? Check us out on LinkedIn! [-Jennifer Hartman, HR Staff Writer & Human Resources Expert]( [Juvy Vallescas]( [Genevieve Que](   Considering changing payroll providers in Q1? Tune in next week where we break down everything you should consider and when’s the best time to make the change! Until next time, Heather Landau, Jennifer Soper, Robie Ann Ferrer, Juvy Vallescas, and Genevieve Que [Alternate text] Want to change what you receive in your inbox? [Update Your Preferences]( [Facebook]( [Instagram]( [Pinterest]( [LinkedIn]( [YouTube]( [Image]   We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Our business model allows us to bring you the best answers to your questions, without editorial biases or cluttering the site with banner ads that everyone hates. The solutions we recommend to business owners often include products and services. Our expert team of writers make recommendations in our buyer’s guides and reviews based on independent quantitative and qualitative assessments. 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