As now we have reached the yr’s midpoint, employers are more and more specializing in their upcoming 2024 well being plan renewals. Quite a few components contribute to the renewal charges and general prices of well being plans, and this yr, employers could expertise increased premiums than within the current previous resulting from ongoing COVID-19-related impacts and normal inflation, amongst different components. Employers may additionally think about altering their well being plan’s service or administrator, weighing the potential price financial savings towards the influence it may need on their staff.
Our companions with Assurex Global performed a ballot throughout a webcast final month to realize perception into employers’ views. The survey outcomes are displayed within the charts under.
Which space(s) are you involved will negatively influence your well being plan renewal for 2024?
At this level, do you intend to vary your medical insurance service or administrator for 2024?
Key Findings
Regardless of important considerations over rising supplier prices and inflation, it’s evident that almost all employers have little to little interest in altering their well being plan service or administrator, with nearly 70% indicating their intention is to stay unchanged. This sentiment holds true throughout industries.
Whereas employers could have restricted management over many damaging impacts on their well being plan renewals, we strongly advocate fostering a tradition of well-being inside the workforce and inspiring staff to actively take part in cost-saving measures, resembling routine preventive care and utilizing generic medication when attainable. Moreover, shut collaboration along with your Advantages Advisor is essential. Common plan audits, analyzing claims information and related practices can provide worthwhile insights into price drivers. This allows employers to determine areas for enchancment, negotiate with distributors and make knowledgeable choices to optimize their well being plan expenditures.
Do you could have questions or considerations about your upcoming well being plan renewal?
Contact a Scott Benefits Consultant to study extra about our strategic, data-driven method to worker advantages.
