Navigating Rising Healthcare Renewal Costs: A Small Business Perspective
Hello Readers,
As a small business operating across various states, we understand the complexities of providing healthcare benefits to our valued employees. Partnering with ADP’s Total Source as our Professional Employer Organization (PEO), we offer Aetna healthcare plans, with our annual renewal period approaching on June 1st.
Recently, we faced an unexpected hurdle: a considerable surge in our healthcare renewal costs. Our new rates indicate a substantial average increase of 24.77% across all plan types, with the most popular option spiking by 27.12%. Given that we cover 65% of our employees’ premiums, this escalation poses a significant financial challenge.
In our search for insights, most information online suggests far less dramatic increases, leaving us puzzled about the discrepancy.
We would love to hear from other businesses also navigating healthcare renewals this year. What trends and percentage increases are you experiencing in your healthcare costs?
Thank you for sharing your experiences and insights.
Best regards,
Ren
