Employers rank health insurance as the most important tool for attracting and retaining employees but say increasing costs are unsustainable.
Austin — Today, the Texas Association of Business released results from a survey of its members showing that rising health care costs continue to put unique pressure on their business and they want to see solutions from state lawmakers.
“Employers are the largest providers of health insurance in the state and bear the burden of policies that drive up the cost of coverage,” said Glenn Hamer, TAB President & CEO. “As businesses face inflationary costs on multiple fronts, what employers need now are policies that give them the flexibility to control health care costs, not new mandates that make health insurance more expensive for everyone.”
The survey, conducted by Baselice & Associates, found that health care benefits are the most important tool for attracting and retaining employees, edging out even financial compensation (34 compared to 33%). Employers say health care costs are rising faster than raw materials, equipment, utilities, taxes, and general inflation. That is likely why 87% of employers say that healthcare costs are rising at an unsustainable rate.
When presented with a list of solutions and actions to the Texas health care cost crisis:
• 87% agree that Texas businesses should stand together against legislation that attempts to increase the cost of employer-paid health care coverage.
• 77% agree that the legislature should give employers more flexibility to contain costs.
• 86% agree that the legislature should require all providers to disclose their prices publicly.
• 75% oppose legislation that would allow the state to interfere with an employer’s ability to design, offer, or otherwise make health benefits available to employees.
• 58% want the legislature to allow employers to purchase coverage that is exempt from all legal and regulatory mandates beyond federal requirements.
• 68% want to keep the ability to offer patients lower-cost prescriptions by using in-network or PBM-affiliated pharmacies.
An overwhelming majority said that TAB should oppose all legislation that increases the cost of health and drug coverage, with only 5% saying they shouldn’t. Also, 78% favor including key legislative votes that either increase or decrease the cost of health coverage on the Texas Association of Business’ scorecard.
TAB is the Texas State Chamber, representing companies of every size and industry. The Association’s purpose is to champion the best business climate in the world, unleashing the power of free enterprise to enhance lives for generations. Follow TAB on Facebook, Twitter, and LinkedIn.
Media Contact:
Katie Greer
Director, Communications
and Brand Operations
Texas Association of Business
kgreer@txbiz.org