Unveiling the future of healthcare expenses: EBN's 2024 State of Healthcare study
In the face of ongoing inflation, healthcare expenses continue to escalate for employers and employees alike. The 2024 State of Healthcare study, published by Employee Benefit News (EBN), highlights the current utilization of health plan benefits and how employers are addressing costs, complexity and concerns.
Understanding healthcare benefits: A growing challenge
Employees often struggle with understanding their healthcare benefits. Only half grasp their insurance coverage, and even fewer understand healthcare costs. While they try to make informed decisions, there's uncertainty about how their plans work in practice. This challenge is particularly pronounced among younger employees, such as Gen Z and millennials, who report lower confidence in navigating their healthcare options compared to their older colleagues.
50% of employees ask their HR department
46% of employees go to their benefits portal
43% of employees ask their health insurance provider
18% of employees turn to the internet
17% of employees consult friends and family
1% of employees don’t know where to go
For employers, investing in healthcare literacy can foster more cost-conscious and informed healthcare consumers.
Employers respond to rising costs
More than half of benefits leaders are experiencing higher costs than expected this year and are not optimistic about the future. Nearly 80% predict even higher healthcare costs in the next cycle, with 72% expecting increased premiums.
of employers saw an increase in their healthcare benefits costs
Maximizing healthcare benefits for a better future
The survey asked employers to rate the future value increase of a navigation or advocacy service on a 100-point scale. Ratings were consistently 83 or higher, regardless of workforce size. Initiatives like integrating preventive care incentives and adopting a healthcare navigation partner can effectively engage employees in their healthcare benefits.
Discover more
Take a deeper dive for more healthcare benefits insights and strategies.
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Read the full white paper from EBN on the study and discover actionable strategies.