Helping Employees Navigate Rising Health Care Costs

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Posted by: CMR July 11, 2024 No Comments

Employers continue to struggle with rising health care costs and providing employees with affordable and quality care options. Unfortunately, employers expect health care costs to increase significantly in 2024. Several industry reports revealed that employers anticipate health care costs to grow between 6.5% and 8.5% in 2024, the largest increase in more than a decade.

While some employers may pass increasing health care costs onto their employees, many employers will absorb most of the higher costs to remain attractive to top talent and retain their workforce. These employers are expected to embrace cost control initiatives, such as requiring prior authorization, utilizing disease management and adding nurse advice lines. Other strategies employers will likely implement to manage rising health care costs include implementing plan design initiatives (e.g., offering high deductible health plans and requiring spousal surcharges or carve-outs), offering telemedicine and price transparency tools, and utilizing center-of-excellence programs. Helping employees navigate rising health care costs is an ongoing process, but it’s essential that workers feel informed about medical expenses, benefits options and mitigation strategies. Reach out to us for additional guidance.

Article Published By: Zywave, Inc.

CMR Employee Benefit Programs

Author: CMR

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