The last three years have upended the status quo work environment but the turmoil has also ushered in a renewed culture of experimentation by employee benefits leaders. Let’s look at the three health and wellness trends that we believe will shape workplace wellness and employee wellbeing in 2023.
Healthcare Costs Will Push the Upper Limits for Employers
The average health benefit cost per U.S. employee is expected to increase by 5.6% in 2023, and some reports predict costs will climb even higher in 2024.
When paired with the pressing need to retain employees, the spiraling costs of providing employee benefits will amplify an already difficult situation.
In addition to increasing plan costs, an Employee Benefits Research Institute analysis found that an overall increase in high-deductible health plans (HDHPs) may be fueling a corresponding rise in out-of-pocket costs for workers.
While almost half of employees plan to sign up for an HDHP during open enrollment, many workers find the high deductibles and out-of-pocket costs are financially out of reach, and only marginally better for their financial health.
A survey by Unum noted that 41% of survey respondents said they would not meet their yearly deductible, and 39% said they could not afford out-of-pocket costs associated with their care.
As costs continue to rise, the HDHP model becomes even less affordable, especially for lower earning employees as deductibles for individuals and families increase.Whether your organization or your employees are bearing the burden of increasing healthcare costs, neither is sustainable.
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