Currently, healthcare costs in the United States are high and rising, outpacing inflation and wage increases. While many employers had relatively lower claim costs during the COVID-19 pandemic, medical plan costs are approaching pre-pandemic levels as healthcare utilization rebounds. Other factors like inflation, specialty and novel prescription drugs, new medical technology, catastrophic claims, and consolidation among hospitals and providers have contributed to healthcare cost increases.

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As talent shortages persist across industries, an increasing number of employers are grappling with the need to adapt to the “new normal” to address this challenge effectively.

HR departments are encountering a significant shift in which they find themselves dealing with an inadequate number of
candidates or insufficient resources (e.g., budget and staffing) to meet the high demand for candidates. In certain scenarios, these professionals are facing both issues at the same time.

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In today’s rapidly changing work landscape, employers play a crucial role in ensuring the health and well-being of their employees. However, access to quality healthcare and equitable benefits remains a significant challenge. Addressing health equity gaps and improving the overall employee experience requires a proactive approach.

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We asked ChatGPT to identify five important trends that will impact employee benefits in the United States over the next ten years, and the results reflected many of the strategies that clients discuss with us daily. In this five-part series, we will discuss each of these trends and how our consulting teams work with HR leaders and executives to address each of them.

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Individuals are living longer than previous generations, and, as a result, they’re delaying retirement and continuing to work to support themselves. This change in workforce demographics is leading to increased reported instances of age discrimination in the workplace. Age discrimination occurs when older applicants or employees are treated less favorably because of their age. This can include older workers being terminated or denied employment opportunities, such as job offers or promotions, due to their age.

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In today’s competitive employment landscape, many organizations recognize that employees are their most valuable asset. To attract and retain top talent, employers must go beyond competitive salaries and create holistic and meaningful employee benefits packages that address diverse workforce needs.

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As healthcare costs continue to rise, many employers are searching for ways to control costs while keeping benefits affordable and attractive to employees. For some employers, self-funded plans can be an effective strategy for lowering healthcare costs. Many employers have adopted these plans in recent years. According to a 2020 Kaiser Family Foundation Employer Health Benefits Survey, 67% of employees who receive employer-sponsored health coverage obtain it from self-funded health plans, representing a 23% increase since 1999.

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Rapidly increasing healthcare costs will likely continue to impact employers in the foreseeable future. As a result, many employers are considering strategies to manage healthcare costs and explore prescription drug trends. The introduction of biosimilar drugs as an alternative to biologics may bring value to healthcare by offering cost savings and increasing employee access to necessary medications. While biosimilars can potentially combat rising prescription drug costs, employers will need to learn more about them before considering how their health plans can accommodate these newer drugs.

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