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For a lot of middle-market corporations, medical health insurance plan years start both December 1 or January 1. Which means that many employers will quickly be gearing up for renewals and shift their focus to guiding their workers by way of the open enrollment course of.
Annual well being plan renewals and open enrollments usually carry up many questions for employers and workers alike:
- Does the well being plan present good worth?
- Are the advantages supplied aggressive in right this moment’s market?
- Are there ample choices supplied?
- Are workers carrying the correct amount of the plan value?
Whereas choices for 2024 plans have possible already been made, it’s by no means too early to start out pondering strategically about your worker advantages program and to contemplate how your choices evaluate to these of peer organizations. By leveraging benchmarking knowledge, you can also make knowledgeable choices about your employer-sponsored healthcare advantages technique, plan forward for future years and confidently reply the questions that will come up.
Every year, Scott Profit Companies companions the most important impartial mid-market actuary within the U.S. (Milliman), to conduct a Mid-Market Worker Advantages Benchmarking Survey to function a helpful useful resource for decision-makers. Outcomes from the 2023 survey embody knowledge from over 7,600 corporations nationally, representing 1.5 million workers and $19.4 billion in healthcare {dollars} spent. Within the Southeast and Virginia areas, knowledge comes from 417 corporations, representing 115,000 workers and over $1.5 billion in healthcare {dollars} spent.
A couple of key takeaways from this yr’s survey outcomes embody:
- Elevated Pharmacy Spending – Pharmacy continues to be a major driver of well being plan bills. Presently, pharmacy spending accounts for 23% of the common household’s annual healthcare prices – up from 17% simply 5 years in the past. As this expense continues to develop there might be impacts felt by each employers and workers. Is your present pharmacy plan working for you by way of prices, customer support, transparency and vary of medicines out there?
- Inflation Affect – Based mostly on present traits, it’s cheap to anticipate to see double-digit healthcare inflation quickly. As prices proceed to rise, decision-makers ought to think about benefiting from strategic cost-savings alternatives like Particular person Protection Well being Reimbursement Agreements (ICHRAs) or different funding choices, resembling self-insurance and group captives.
- Non-traditional Well being Advantages – Along with conventional well being plan advantages, many employers are starting to supply non-traditional advantages. From offering on-line sources for wholesome residing to stylish illness administration applications, providing non-traditional well being advantages can assist enhance the well being and productiveness of workers whereas decreasing total well being plan prices.
The entire, non-biased knowledge from this survey is compiled to supply actionable benchmarking for employers on native, nationwide and industry-specific ranges. Contact a Scott Benefits Consultant if you need to check your profit plans – together with worker share of premiums, coinsurance and deductible quantities, plan designs, and out-of-pocket most ranges – to these of almost 7,600 mid-market corporations nationally.
About Milliman
Milliman is among the many world’s largest impartial actuarial and consulting corporations. Based in Seattle in 1947, Milliman has workplaces in key areas worldwide. By consulting practices in worker advantages, healthcare, funding, life insurance coverage and monetary providers, and property & casualty/common insurance coverage, Milliman serves the complete spectrum of enterprise, monetary, authorities, union, training, and nonprofit organizations. Along with consulting actuaries, Milliman’s physique of execs contains quite a few different specialists, starting from clinicians to economists.
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