In today’s rapidly evolving healthcare and benefits landscape, staying informed is crucial for employers aiming to attract and retain top talent while managing costs. The 2024 Healthcare and Employee Benefits Benchmarking Report by Alera Group is here to provide you with critical insights that can help your organization navigate these challenges effectively.
Where the Data Comes From
The survey behind this year’s report was completed by a record number of participants representing over 1,017,000 full-time employees. Participants ranged in size from under 10 employees to over 1000, and represented 10+ industries including:
- Services
- Manufacturing
- Health Services
- Construction
- Retail Trade
- Business Services
- Engineering, Accounting, Research, Management and Related Services
- Finance Insurance and Real Estate
- Wholesale Trade
- Educational Services
The Experts Behind the Report
Alera Group is an independent financial services firm offering comprehensive employee benefits and related services nationwide with a team of more than 4,200 colleagues. With over $1.3 billion in gross revenue and a wealth of experience that reaches across specialties and across the country, Alera is uniquely positioned to produce this annual benchmarking report. Arista Consulting Group is part of the Alera Group family of companies.
The team of six Alera Group professionals who put together the report have diverse expertise in fields including market research, compliance and organizational strategy, voluntary benefits and enrollment solutions, pharmacy practice, population health practice, and more.
Alera Group presents this report each year as an essential tool for employers to stay competitive in the marketplace. Read on for some key insights and download the full report.
Key Takeaways from the 2024 Report
This year’s report sheds light on several important trends and data points:
Rising Medical Plan Costs: A staggering 79% of surveyed medical plans saw a rate increase, with a median rise of 8%. This underscores the growing financial pressures on both employers and employees.
Pharmacy Plan Complexity: The number of employers offering five-tier pharmacy plans increased, reflecting the ongoing challenges posed by specialty medications and rising drug costs.
Shift to Self-Funding: More employers, especially those with over 100 employees, are moving towards self-funding their health insurance plans to better manage rising premiums.
Broad Benefits Offerings: On average, employers offer five different types of benefits, with larger organizations providing even more options, including supplemental plans like pet insurance and identity theft protection.
Why Download the Full Report?
This report is an invaluable tool for any organization looking to stay competitive in the marketplace. It not only provides a comprehensive overview of current trends but also offers detailed benchmarks that can help you evaluate your own benefits strategy. Whether you're considering a shift to self-funding or looking to expand your supplemental offerings, the insights from this report can guide your decisions.
Don’t miss out on these essential insights. Download the full 2024 Healthcare and Employee Benefits Benchmarking Report today to ensure your benefits strategy is aligned with the latest trends and best practices.