Rising Benefit Costs in the New York Metro Area: What Individuals and Small Businesses Can Do

Affordability of benefits is a critical concern, especially for companies deeply rooted in the Long Island and greater New York area. As both an advisor and participant in the benefits landscape, Bradley & Parker understands that individuals and small businesses alike are grappling with rising costs of health plans, retirement contributions, and other benefits.

On Long Island—whether in Nassau or Suffolk County—healthcare premiums continue to rise. Individuals purchasing benefits directly, or small businesses offering them, face unique affordability challenges. For example, the New York State of Health marketplace provides insight into plan costs and options that many of our clients rely on to benchmark their choices.
Inflation in healthcare services makes maintaining comprehensive coverage more difficult each year.

When it comes to retirement, the shift from traditional pensions to defined contribution plans like 401(k)s means that New Yorkers must contribute more out of pocket. Resources like the Long Island Association offer tools and guidance on retirement planning, helping individuals and businesses alike strategize their contributions.

We also see firsthand how small businesses struggle to offer competitive benefits. To stand out in a tight market, they must balance affordability with value. The Long Island Chambers of Commerce are a useful resource in helping them network and identify benefit strategies.

By addressing these local concerns, we stand out as a trusted partner—both in guiding clients and sharing actionable insights. If you have any further questions, please reach out to Keith Zuckerman, Senior Vice-President of Bradley & Parker’s employee benefits division, where he leads the firm’s Employee Benefit Practice.