The cost of providing health care to employees and their families continues to rise. In 2024, predictions for health care cost inflation are around 5% and 8%. A recent Mercer study revealed that large employers largely avoided shifting additional costs to employees through higher deductibles, copays or out-of-pocket maximums in 2023. So, what other levers do HR leaders, under constant pressure to do more with less, have to pull to help manage health care costs that are rising faster than employee wages?
Benefits administration partners can enable the delivery of solutions to employees that positively impact health care expenses. Evolving beyond enrollment, benefits administration providers have invested in solutions that drive engagement in tools that optimize usage of benefit programs throughout the year. By leveraging scalable data models, advanced levels of system interoperability and emerging technologies, vendors can provide users with highly personalized, engaging experiences that drive meaningfully improved health and financial outcomes.
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