However, employers are concerned because premium levels are rising at a much higher rate than general inflation. The industry has been using medical inflation factors of about 8% over the past two years and most insurers are currently using a medical inflation factor of about 10%. This is due to increases in the cost of services, new drugs such as Herceptin and new medical procedures and means that the cost of a medical insurance plan will typically double over a six year period.
Our consultants offer expert help in keeping private medical insurance costs under control and making sure your scheme is managed effectively. Our services range from full management to reviews of the market, benefit design, health management services and audit of providers or actuarial input and claims trends analysis.
We can also advise you on Health Savings Accounts, an innovative new concept created in the United States which combines a savings fund for out-patient services with insurance for surgical interventions to deliver appropriate levels of healthcare cover with true long-term cost control.
To find out how Hewitt can help you contact us or learn more by downloading a brochure.
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