How much should employers budget for employee health insurance for the coming year? It's a question that arises (and an amount that rises) each year as summer fades to fall. The increase for 2024 coverage may be trickier than ever to forecast, given the tumult in the health care business since 2020.
A recent estimate by the consulting firm Aon underscores the dilemma employers face. Several credible forecasts already released suggested planning for about a 7% hike in health care costs for next year. Aon believes it will be closer to 8.5%, and offers a compelling case for the jump.
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