Employee Benefits
December 18, 2023
4 Key Trends Driving Employer Health Care Costs in 2024
Amid ongoing inflation pressures, employees and employers alike can expect their health care costs to increase in 2024. Global professional services firm Aon reported that health care costs for employers will grow by 8.5% in 2024 (to more than $15,000 per employee), nearly double 2023’s figure. Here are four key trends driving employer health care...
December 5, 2023
High Health Care Costs Are Impacting Americans’ Physical and Mental Health
More than half of consumers feel stressed when paying their medical bills, and more than 9 in 10 say these payments have impacted their physical and mental health, according to a study from health care payment processing company PayMedix. Unaffordable medical bills, higher deductible health plans and confusing bills have increased physical and mental health...
November 29, 2023
Report Reveals Employers Plan to Offer Compelling Benefits Options in 2024
Recent findings from Mercer’s Health and Benefits Strategies for 2024 Survey Report revealed that employers are seeking compelling benefits options to improve affordability, increase flexibility and fill perceived gaps in 2024. According to Mercer, 1 in 4 of more than 700 surveyed employers had made enhancements to their benefits programs in the past two years....
November 1, 2023
More Individuals Downgrading Insurance Plans Due to Rising Health Care Costs
The most recent Nationwide Retirement Institute Health Care Costs in Retirement survey found that many Americans are not confident in their ability to pay health care costs as they age. According to the survey, over half of respondents said they’d be unable to pay off an unexpected $5,000 health care expense, and a similar number...
October 30, 2023
Report Finds Health Care Spending Expected to Exceed Overall Economic Growth
A recent report from the Centers for Medicare and Medicaid Services (CMS) predicted that the average growth in national health expenditures would outpace average gross domestic product (GDP) growth from 2022 to 2031, at 5.4% and 4.6%, respectively. Per person spending is also expected to increase to an annual rate of 4.8% from 2022 to...
October 23, 2023
Report Shows Top Priorities and Challenges for 2024 Open Enrollment
New research from digital media company Arizent revealed employee benefits leaders’ biggest challenges and strategies for increasing benefits utilization. These findings can help shape employers’ 2024 open enrollment plans. While employers already invest significant time and resources researching and designing their benefits plans, many feel like there is still work to be done to ensure...
October 10, 2023
Getting the Most Out of Your 2024 Open Enrollment Communications
Open enrollment is a crucial period for both employers and employees. It’s when employees can make important decisions about their benefits and an opportunity for employers to engage with their workforce effectively. As organizations continue to adapt to evolving workforce needs and changing regulations in 2024, open enrollment communication becomes more critical than ever. This...
September 27, 2023
Inclusive Mental Health Initiatives: A Powerful Differentiator for Employers
Mental health is not just a public health issue. It is also a workplace issue. Employers who cultivate a company culture that proactively supports mental wellness can gain a competitive edge in their ability to attract and retain talent. “An employer’s support of mental health in the workplace can be a differentiator in today’s challenging...
August 8, 2023
2024 Open Enrollment: The Power of Early Preparation
The labor landscape was undoubtedly a roller coaster in the first half of 2023, and employers are still along for the ride. During the past year, the market experienced a record number of employee quits, a jump in talent shortages and increased workplace demands from workers—many of whom had the upper hand in employment negotiations....
July 13, 2023
Health Care Costs Projected to Grow 7% in 2024
Health care costs are expected to grow 7% in 2024 due to rising pharmaceutical expenses driven by specialty drugs and insurers increasing rates in response to inflation, according to an annual report from professional services firm PricewaterhouseCoopers (PwC). This trend is higher than 2022’s and 2023’s projected medical cost rates, which were 5.5% and 6%,...