Mercer survey: health benefit costs could rise 5.4% in 2024, a significant increase from the 3% to 4% typical for over a decade.
Rising costs, labor shortages to blame
5.4% spike much higher than recent years; rising costs, labor shortages to blame
Employers, employees to feel the pinch
The increase will likely be felt by both employers and employees, as employers pass on some of the costs to workers in the form of higher premiums or deductibles.
What can be done to control costs?
Increase competition, negotiate lower prices, promote preventive care
Employers may offer more high-deductible plans
To control costs, some employers may offer more high-deductible plans
Employees may need to be more price-conscious
Employees may also need to be more price-conscious when making healthcare decisions, such as choosing lower-cost drugs or providers.
Government may need to intervene
The government may also need to intervene to help control health care costs, such as by negotiating lower drug prices or expanding access to preventive care.
The rising cost of health care is a major challenge
facing employers, employees, and the government. It is important to find ways to control costs without sacrificing access to quality care.
Stay tuned for more updates on this issue
Learn more about the rising cost of health care Stay tuned for more updates on this issue as it develops.