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How To Control Health Benefit Costs
The cost of providing workers with health care is rising faster than that of any other component of employee benefits. If left unchecked, health insurance outlays will eat up the profits of the average Fortune 500 company within five years. Many companies have tried to address this problem by shifting costs to their employees or improving their sourcing, but a more comprehensive approach is needed.
The take-away:Companies can control their benefit expenses by understanding their health insurance costs and their employees' health priorities more accurately and fully. They should centralize insurance programs when doing so would reduce costs, as well as reward providers that help their employees stay healthy.
Articles provided by The McKinsey Quarterly
© 1992-2003 McKinsey & Company, Inc
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