Healthcare costs at a post-pandemic high, US employers prioritize affordability and wellbeing
2024年9月27日 - 2:07AM
As the cost of healthcare in the U.S. rises to a record high since
the COVID-19 pandemic, nearly half of employers expect healthcare
costs will exceed budget projections this year. In response,
employers are embracing different approaches to safeguard program
affordability for their companies as well as for their employees.
While focusing on more competitive, cost-effective plan designs to
control costs, they are seeking to maintain employee wellbeing,
according to a new survey by WTW (NASDAQ: WTW), a leading global
advisory, broking and solutions company.
WTW’s 2024 Best Practices in Healthcare Survey found that U.S.
employers project their healthcare costs will increase by 7.7% in
2025, compared with 6.9% in 2024 and 6.5% in 2023. As a result of
this uptick in costs, employers are reaching beyond traditional
cost-shifting strategies to improve healthcare affordability and
employee health. More than half of employers (52%) plan to
implement programs that will reduce total costs, and just as many
(51%) intend to adopt plan design and network strategies that steer
to lower-cost, higher-quality providers and sites of care. Only 34%
expect to shift costs to employees through premium contributions,
and just 20% will promote account-based health plans or
high-deductible health plans.
“The cost of healthcare has been rising steadily for years. With
cost increases reaching a post-pandemic high, companies are
concerned about the burden it’s putting on their workforces,
especially since it affects decisions about insurance coverage and
care,” said Tim Stawicki, chief actuary, Health & Benefits,
WTW. “To tackle high prices and other causes driving increased
spending, companies are pursuing initiatives that are beyond
cost-shifting.”
These initiatives are focused within the prescription drug space
as well, with strong interest in alternative drug channels and
pricing. According to the survey, 21% of employers are planning for
or considering promoting drug discount cards or direct-to-consumer
prescription delivery to lower out-of-pocket costs in the next two
years; 18% expect to allow members to purchase drugs through a
retail or “cost plus” outlet, and 17% expect to have an acquisition
cost pharmacy benefit manager (PBM) contract structure.
Other proactive efforts to control costs over the next two years
include taking vendor/health plans out to bid (43%), evaluating
employee assistance programs/mental health programs (38%), and
exploring narrow networks (30%) and centers of excellence (25%).
Additionally, employers continue to explore new technology-enabled
solutions for managing costs, with 54% exploring navigation or
technology that shares provider price and quality information with
members.
To support affordability and employee wellbeing, employers’ top
focus areas are obesity and weight management (40%), cancer and
oncology (34%), cardiovascular health (28%) and women’s health
(27%).
Employers are still contending with the continued demand for
high-cost weight loss medications. While most employers are
maintaining coverage for obesity medications with some
restrictions, those not offering coverage today state cost and
safety as the biggest barriers. Employers are eager to consider
safe and effective lower-cost alternatives; 48% of employers
expressed interest in compounded GLP-1 medications available
through certain vendors at much lower costs.
“To navigate the current healthcare environment, companies need
to proactively address cost challenges and implement effective risk
management strategies,” said Courtney Stubblefield, managing
director, Health & Benefits, WTW. “By doing so, they can
mitigate financial risks, support the wellbeing of their workforce
and achieve long-term sustainability.”
Other survey findings:
- Employers report the greatest opportunities for artificial
intelligence in supporting health and benefits are navigation
solutions (64%) and communication (58%).
- More than two-thirds (67%) of employers provide coverage for
fertility services beyond diagnosis of infertility, including in
vitro fertilization and medications.
- To lower costs, 73% of employers plan to carve out pharmacy
benefits over the next few years, and 27% would consider a smaller
PBM that offers alternate pricing models.
About the survey
A total of 417 employers participated in the 2024 Best Practices
in Healthcare Survey, which was conducted in June and July 2024.
Respondents employ 6 million employees.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led
solutions in the areas of people, risk and capital. Leveraging the
global view and local expertise of our colleagues serving 140
countries and markets, we help organizations sharpen their
strategy, enhance organizational resilience, motivate their
workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover
opportunities for sustainable success—and provide perspective that
moves you.
Media contacts:
Ileana Feoliileana.feoli@wtwco.com
Stacy Bronsteinstacy.bronstein@wtwco.com
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