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Benefits Cost Stabilizes

The cost of providing employee healthcare benefits has stabilized around the globe, says a survey by Towers Watson. However, the ‘2014 Towers Watson Global Medical Trends Survey’ suspects a new round of increases may be on the horizon for employers. The survey also found that health promotion and wellness programs are becoming more widespread in all regions as employers look to supplement traditional cost management tactics to contain rising costs. The cost of employee healthcare benefits is projected to increase 8.3 per cent globally this year, slightly higher than the 7.9 per cent and 7.7 per cent increases experienced in the past two years. The smallest average increases are expected to continue throughout Europe, where economic and competitive pressures are keeping costs down, while average increases in the Asia/Pacific, Middle East/Africa, and Americas regions (not including the U.S.) are projected to remain above worldwide averages. The survey also found much greater consistency among the medical conditions causing the highest prevalence of claims globally, with cardiovascular problems and cancer remaining the leading conditions. However, there was also an increase in claims due to respiratory, musculoskeletal, and mental health issues.

Courtesy of Benefits and Pensions Monitor website News Alerts 

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