NEW YORK (PRWEB) APRIL 10, 2024
Arizent, the parent company of Employee Benefit News (EBN), an information resource serving decision-makers in benefits and human resources, publishes The State of Healthcare 2024 report. Sponsored by Quantum Health, the research reveals that 70% of employers are concerned about being able to continue to afford healthcare coverage for their employees. To tackle costs, employers are most commonly offering well-being programs, more access to preventative care, telehealth alternatives and navigation services designed to bolster healthcare literacy among employees.
During the survey, employees took a healthcare literacy quiz, which tested respondents on their knowledge of basic terminology like deductible, premium and copay. The results highlight just how much employees need help understanding their health plans: only 31% earned a score above 70%.
Regarding rising costs, the findings show that more than 80% of benefit leaders saw an increase in their overall costs of healthcare benefits, with 70% reporting higher prescription drug prices and 66% reporting an increase in monthly employee premiums. The costs for the usual suspects — cancer and chronic condition care — have increased at least 50% with increases at large employers more common.
Across the board, less than 5% of employers point to even a small decrease in healthcare costs.
For employees, more than half of respondents agree that their premiums are too expensive and they pay too much for care under their current plan.
"The fact is healthcare costs continue to rise, placing financial strain on both employers and employees. Premiums are up, and both chronic and general care are becoming increasingly unaffordable," says Janet King, Vice President of Arizent Research. "If employers want a shot at managing costs and improving employee health, they need to pinpoint what factors are leading to higher care costs in their workforce — and whether they have any control over them."
The research also indicates that, while most employers do trust their benefit partners, it may be advantageous for them to take a step back and evaluate the relationships they have with brokers, vendors and PBMs to ensure they are doing what they can to manage a critical, but imperfect, system.
"As benefits budgets become tighter, employers may need to question if the very structure of their health plans and the relationships they have with insurance carriers and brokers are keeping them from turning these costly trends around," King continues. "This isn't to say that employers aren't attempting to make changes to their benefits — 89% are taking steps to lower their healthcare costs. The real question is whether said actions are enough."
To read more about how HR and benefit leaders are planning to continue to provide care in the face of rising costs — and finding creative ways to manage those costs — download the full report here: https://www.benefitnews.com/research-report/continuing-care-in-the-face-of-costs-complexity-and-concerns
Research Methodology
This research was conducted online by Arizent, parent company of Employee Benefit News, between January and February 2024. To qualify, the 181 respondents to the employer survey had to be involved in making benefits decisions for their company and the 501 respondents to the employee survey had to receive healthcare benefits from their employer.
About Employee Benefit News (EBN)
Employee Benefit News (EBN) is the primary media resource for decision makers in the worlds of employee benefits, human resources and workplace culture. As the dynamics of these spaces continue to shift and become increasingly complex, EBN delivers expert insights to allow business leaders to navigate their industries with agility. From helping benefits managers meet the challenges of reducing care costs and improving retirement plans to providing HR leaders with guidance on building a talented and diverse workforce, EBN drives the conversation and delivers the research and analysis to help readers support their companies' objectives.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Quantum Health
Quantum Health celebrates its 25th year as industry-leading consumer healthcare navigation and care coordination company that delivers an unparalleled consumer experience to its members, as well as validated claims savings and high satisfaction rates for its self-insured employer clients. Quantum Health's proprietary Real-Time Intercept® model identifies opportunities for early intervention in a member's healthcare journey, resulting in better engagement, outcomes and cost efficiencies.
Founded in 1999 and based in Dublin, Ohio, Quantum Health has earned numerous awards and honors, including being named among the Fastest-Growing Private Companies by Inc. 5000, a Great Place to Work by FORTUNE Magazine and Entrepreneur Magazine, and one of FORTUNE'S Best Workplaces in Healthcare. The Women Presidents' Organization has also ranked Quantum Health as one of the 50 Fastest-Growing Women-Owned/Led Companies for over 15 years.
To learn more about the company, visit www.Quantum-Health.com, and connect with us on LinkedIn and Twitter.