As human resource departments nationwide try to amend worksite benefits to rising healthcare costs and a faltering economy, many are left to choose between cutting employee benefits and raising monthly premiums. For many of the nation's educators, a spike in health insurance prices will be yet another issue to deal with during the upcoming academic year, according to the College and University Professional Association for Human Resources.
According to CUPA-HR's recent 2011 Comprehensive Survey of College and University Benefit Programs, the median price for the most common types of health insurance plans – PPOs, HMOs and POS – is set to rise 7.3 percent for both individual and family coverage.
Annually, most individual plans will cost approximately $5,868. Families will run up a total bill $16,388 for health insurance on average, according to the source.
Of the 415 collegiate benefits consultants polled, the majority – 60 percent – reported that they were offering employee wellness programs, which could work to reduce out-of-pocket costs for individuals when it comes to healthcare. Several of the institutions are also offering voluntary employee benefits to supplement health coverage, the source reports.
