If your paycheck feels a few dollars lighter than it was a month or two ago, you’ve probably noticed the new health insurance premium that went into effect at the beginning of the year. For the second year in a row, Redmond associates faced a premium increase of nearly 10%.
It won’t ease your paycheck pain, but if misery loves company, you’ll like this: Across the country, average family health care premiums increased 9%, with more companies asking employees to pay more of the bill. The health insurance deduction you see on your pay stub may seem like a lot, but it is actually only 35% of the cost.
Redmond pays the remainder. Redmond is working toward an insurance program that is sustainable, but recent legislation and one or two large, ongoing claims will likely slow the company’s ability to control much of its insurance costs for several years to come. If things remain as they are, we can probably expect a similar cost increase for 2013 and beyond.
Redmond associates share a group insurance policy, which means that your individual health affects both your family and your teammates. We may be unable to control forces at work in the insurance industry, but as each associate becomes more healthy, Redmond’s ability to provide affordable health insurance is improved.