What’s Ahead For U.S. Health Care Spending?
Over
the next ten years growth in health spending will slow in
the U.S., but will continue to outpace growth in the overall
economy, resulting in the health care share of the gross domestic
product (GDP) reaching 18.4% in 2013. In contrast, the health
spending portion of the GDP stood at just over 10% in 1985,
according to “Health Spending Projections Through 2013,” a
report authored by the Office of the Actuary, Centers for
Medicare and Medicaid Services (CMS), and published in Health
Affairs.
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Careful Plan Design and Effective Communications
Can Boost 401(k) Participation
It’s
hard to find a better savings and investment vehicle than
a 401(k) plan. 401(k) plans offer employees the potential
for real savings accumulation, by deferring taxation on contributions
and earnings. Most plans also feature a company matching contribution
and access to attractive and varied investment choices.
Yet,
many employees decline the opportunity to participate in their
employers’ 401(k) plans. Surveys typically report participation
rates in the 75%-80% range. More troubling is a recent apparent
slip in participation rates. PlanSponsor, an online and print
resource on pension and retirement issues, reported a 2.5%
drop in participation rates for 2003, based on a survey of
more than 2,800 plans.
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Knowledge and Action Are Keys to Tightening the Belt
on Obesity-Related Costs
Obesity is becoming an epidemic in America. According
to the American Obesity Association (AOA, a Washington, D.C.-based
nonprofit advocacy group) and based on figures from the Centers
for Disease Control (CDC), 65% of U.S. adults are overweight,
30% are obese, and close to 5% are severely obese. These figures
represent a dramatic increase from those reported a decade
earlier. According to Rand, in 2000, one in 50 adults was
severely obese, compared to one in 200 in 1986. “Severely
obese” people have a body mass index (BMI) of 40 or higher,
which translates to roughly 100 pounds or more of excess weight
in an average adult male.
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Both Plan Sponsors and Employees Benefit
from Enhanced Health Care FSA Participation
Everyone
loves a bargain. Many people spend time clipping coupons and
shopping around to find the best price on a prospective purchase.
So why don't more employees take advantage of one of the best
employee benefit deals around: health care flexible spending
accounts (FSAs)?
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