CBIZ’s 2024 State of Health Care Report Highlights Areas of Priority for Employer Benefit Plan Sponsors
02 Abril 2024 - 10:30AM
Business Wire
• The most pressing focuses include compliance,
communications, and cost control
• Emerging coverage trends include weight loss
medication, gene therapy, and infertility treatments
CBIZ (NYSE: CBZ), a leading national provider of insurance,
financial and advisory services, released its second annual State
of Health Care Report. This year's findings highlight how critical
it is for employers to offer health care benefits that are not only
comprehensive but also specifically tailored to meet the changing
needs and desires of the American workforce, highlighting the
connection between such benefits and the ongoing challenge of
attracting and keeping top talent.
Nearly 61% of respondents identified attracting and holding onto
top talent as a primary strategic initiative. That was followed by
55% of companies which shared maintaining compliance and
controlling medical costs were top priorities. Additionally, 40% of
companies emphasize the need to improve their benefits
communications, pointing to a significant gap in employees'
understanding of their available benefits, with 33% indicating this
as the most crucial area for improvement.
The State of Health Care Report includes responses from 338
businesses, spanning more than 27 states, the majority of which
have more than 100 employees. The survey provides insight into
employer priorities, top health plan features, and emerging mental
and physical health benefit trends to watch through the remainder
of 2024. A link to the full report can be found here.
"Our focus at CBIZ has been on not just meeting but anticipating
the needs of our clients when it comes to tailored health care
solutions,” said Polly Thomas, President of CBIZ Employee Benefits,
Kansas City. “The insights from our State of Health Care Report
reinforce the critical link between comprehensive benefits,
effective communication, and strategic cost control. These elements
are crucial for creating a work culture that both attracts and
keeps top talent.”
The survey also sheds light on emerging trends and areas of
innovation within health care benefits, pointing to new avenues for
employers to enhance their offerings:
Responding to rising demand for weight loss medication:
17% of organizations offer weight loss medication coverage, with
more than 15% considering it for future benefits packages. This
highlights that employers are beginning to recognize the surging
demand for employee wellness, a major theme of last year’s
report.
More companies moving to self-insurance models: Nearly
29% of businesses adopt self-insurance models. There is an ongoing
shift towards cost containment and customizable benefits
strategies, allowing for greater flexibility in managing health
plan claims and potential large claim protection.
Steps forward in gene therapy benefits: A trend may be
emerging, as 6% of employers offer stop-loss gene therapy coverage,
while almost as many are considering the benefit. With the cost of
gene therapies projected to exceed $25 billion by 2026, a
forward-looking focus on gene therapy programs — though still in
early adoption stages — signals employers' commitment to
groundbreaking treatments. While direct coverage is still emerging,
nearly 50% of CBIZ's self-funded clients have integrated gene
therapy programs for 2024, showcasing a proactive approach to
future health care needs.
Support for infertility treatments: Recognizing the
personal and emotional challenges faced by employees planning for a
family, more than 22% of companies now offer coverage for
infertility diagnosis, and more than 18% for treatments.
“The state of health care and the benefits employees have access
to directly affects overall wellbeing and retention, and helps
employers stand out in a competitive hiring landscape,” said Jay
Meschke, President of Talent & Compensation Solutions at CBIZ.
“This year’s report highlights the issues employers are facing
around affordability, plan communications and compliance. It also
points to trends we can expect to continue to grow in the coming
years around weight loss drugs, fertility treatments, and gene
therapy.”
Note: Not all those surveyed are clients of CBIZ.
About CBIZ
CBIZ, Inc. provides professional business services that help
clients better manage their finances and employees. CBIZ provides
its clients with financial services, including accounting, tax,
financial advisory, government health care consulting, risk
advisory, real estate consulting and valuation services. Employee
services include employee benefits consulting, property and
casualty insurance, retirement plan consulting, payroll, life
insurance, HR consulting and executive recruitment. As one of the
largest accounting, insurance brokerage and valuation companies in
the United States, the Company’s services are provided through more
than 120 Company offices in 33 states. For more information, visit
www.cbiz.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240402100347/en/
Media Rocco Aloe Gregory FCA for CBIZ, Inc.
Cbiz@gregoryfca.com 610-860-2075
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