Facing Skyrocketing Employee Medical Insurance Costs: How Are You Managing It?

Employee Group Medical Insurance Policy Inquiry

Please help me with the policy you follow for Employee Group Medical Insurance. Since last year, we had a huge claim on our insurance, which is 224%. We have received quotes from various insurance companies, which are three times higher than last year. Since the contribution we are receiving from the employees is minimal this year, we cannot ask them to pay more premium. My questions are:

1. Has anyone else come across this type of situation?
2. How do you handle such cases? Do you ask the employees to pay the difference, or do you, as the employer, take on the complete obligation of the premium?

Awaiting a response from all the seniors.

Regards,
Maya

Maya - In most cases, organizations bear the brunt of the differential until salaries are revised. I prefer opting for lower payouts (lower premiums) if your corporate entity agrees and employees are not affected.