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As we’ve reached the yr’s midpoint, employers are more and more specializing in their upcoming 2024 well being plan renewals. Quite a few elements contribute to the renewal charges and total prices of well being plans, and this yr, employers might expertise increased premiums than within the current previous as a consequence of ongoing COVID-19-related impacts and common inflation, amongst different elements. Employers may additionally take into account altering their well being plan’s provider or administrator, weighing the potential price financial savings towards the impression it may need on their staff.
Our companions with Assurex Global carried out 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 impression your well being plan renewal for 2024?
At this level, do you propose to vary your medical health insurance provider or administrator for 2024?
Key Findings
Regardless of vital considerations over rising supplier prices and inflation, it’s evident that almost all employers have little to no real interest in altering their well being plan provider or administrator, with nearly 70% indicating their intention is to stay unchanged. This sentiment holds true throughout industries.
Whereas employers might have restricted management over many adverse 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, corresponding to routine preventive care and utilizing generic medication when doable. Moreover, shut collaboration together with your Advantages Marketing consultant is essential. Common plan audits, analyzing claims knowledge and comparable practices can supply beneficial insights into price drivers. This permits employers to establish areas for enchancment, negotiate with distributors and make knowledgeable selections to optimize their well being plan expenditures.
Do you’ve got questions or considerations about your upcoming well being plan renewal?
Contact a Scott Benefits Consultant to study extra about our strategic, data-driven strategy to worker advantages.
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