This Just In ...
Rising healthcare costs remain a top concern for employers. According to SHRM, U.S. employers anticipate a 6.5 percent average increase in medical plan costs per employee in 2023, a substantial rise from 2022's expected 4.4 percent increase.
To manage costs, organizations are implementing higher deductibles, self-funding, and disease management programs. They're also advising employees to use digital tools to compare the cost and quality of healthcare plans and services for better-informed decisions.
The Rise of High-Performing Networks
High-performing networks are cost-effective, provide high-quality care and let companies tailor their benefits packages to employee needs while keeping costs in check.
Meeting Employee Needs without Breaking the Bank
Voluntary benefits have gained popularity as a cost-effective way to enhance benefits offerings. Life and supplemental health insurance are examples of valuable coverages provided at a relatively low cost, usually covered by the employee.
Voya Financial found that 63 percent of employees are likely to participate in voluntary benefits offered by their employers, such as critical illness coverage and hospital indemnity. This marks a significant increase from the previous year when only 45 percent expressed interest.
Addressing Workplace Stress and Burnout
Mental health has emerged as a central focus in employee benefits discussions, with stress and burnout rates surging due to the pandemic's ongoing effects and financial strain. The American Psychological Association (APA) found that 67 percent of working adults claimed that their jobs were a significant source of stress in 2021.
In response, employers are integrating mental health services into their benefits packages to better support employee well-being and reduce stress-related issues.
This Just In ... Rising healthcare costs remain a top concern for employers
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