Running the Numbers
How the costs of health and workers’ compensation affect you
Employer
• Premiums for employer-provided health insurance have risen 59% since 2000. (Source – National Bureau of Economic Research)
• 80 Million Baby Boomers are increasing healthcare use for the perfect storm...a silver tsunami. (Source – Health Affairs)
• Workers today are 13lbs heavier with 18% less shoulder strength and 23% less knee strength than 10 years ago. (Source – Dr. Thomas B. Gilliam Ph.D IPCS)
• At the moment less than 0.5% of all data is ever analyzed and used, just imagine the potential here. (Source – Forbes)
• Estimates suggest that by better integrating big data, healthcare could save as much as $300 billion a year - that’s equal to reducing costs by $1000 a year for every man, woman, and child. (Source – Forbes)
Employee
• A 10 percent increase in premium is offset by a 2.3% decrease in wages. (Source: National Bureau of Economic Research)
• Two-thirds of a premium increase is paid for with wages and the remaining third from a reduction in benefits. (Source: National Bureau of Economic Research)
• Musculoskeletal disorders make up 50% of Workers’ Comp. claims of which 70% are preventable. (Source: Paul A. Terpeluk, DO, MPH, MA Cleveland Clinic)
• 47% of Americans have one or more co-morbid conditions. (Source: CDC)
• Two leading co-morbidities driving claims cost are obesity and depression. (Source: CWCS)