Published by Trustmark on December 7th, 2020

Companies are clearly investing in their employees’ overall health and wellbeing; according to the Bureau of Labor Statistics, private industry employers spent an average of $34.72 per hour worked for total employee compensation in December 2019. Of that, health benefits costs averaged $10.37, or nearly 30 percent of total compensation1.

Woman and man sitting at a restaurant counter discussing business

That’s how much they spent. But employers may not be realizing the true costs behind their benefits program. The U.S. Department of Health and Human Services Office of Disease Prevention and Health Promotion cites research studies demonstrating how people with limited health literacy skills are more likely to have chronic conditions but be less able to effectively manage them2. And, according to the Centers for Disease Control and Prevention (CDC), chronic conditions also cost U.S. employers $36.4 billion annually because of employees missing days of work. It’s clear these disengaged employees come at a cost – to themselves and their companies.

Put employees at the heart of the benefits plan
Fortunately you, as brokers, are in a position to help. It comes down to building a plan from the employee’s perspective – putting them at the heart of the benefits plan, to remove barriers, provide timely, credible information, make the right actions easy, spur healthy behaviors, and encourage ongoing participation in a seamless wellbeing journey.

The unique challenges … and advantage of small employers
Smaller employers – those with one-to-100 employees, face specific challenges. Rising insurance costs can have a significant impact on profitability. And smaller companies, not surprisingly, tend to have smaller teams who can partner with vendors to develop a benefits strategy and plan. But smaller employers also have a key advantage – a workforce where they can take a hands-on approach to drive adoption of the benefits plan and move employees through engagement – recognizing the options available to them to take action – making smart, well-informed decisions that improve their own wellbeing and, in the long run, employer bottom line.

Watch the video – three tips for helping small employers make a big impact
Watch Trustmark Small Business Benefits Sales Consultant Daniel MacLeod as he offers three tips for helping small employers make a big impact.

Let us help you make a big impact with your small employer client
We believe all businesses – regardless of size – deserve affordable, tailored, health benefit plan designs that match their needs, meet business goals and help employees thrive. Customers rave about our service, caring approach and unmatched knowledge and experience in self-funding.

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Read our white paper, Through Engagement to Action: A Wellbeing Roadmap.
Discover how six steps form the nucleus of a roadmap that will lead to sustainable, healthier, and financially sound behaviors, resulting in improved employee wellbeing and employer bottom line.

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1Bureau of Labor Statistics, U.S. Department of Labor; Employer costs for Employee Compensation – December 2019, pg. 1, March 19. 2020.
2U.S. Department of Health and Human Services Office of Disease Prevention and Health Promotion: National Action Plan to Improve Health Literacy, pg. 9, 2010.