Employee Benefits Market Check Survey: Top Benefit Priority in 2024

Like any other year, 2024 will bring several benefit issues that employers must confront, including escalating costs, new pharmaceuticals and how to cover them, improving engagement in the benefits plan, and an increasingly complex regulatory landscape.

We conducted a poll during a webcast on January 25 to gain insight into employers’ top benefits priorities for 2024. We compare these results against responses we received to a similar question we posed in the last several years. The results are in the chart that follows.

January results based on 559 employer respondents; 2023 based on 216 responses, 2022 based on 164 respondents 2021 results based on 265 employer respondents.

Key Findings

As the 2024 renewal season was more challenging than the past three years, it is no surprise that managing costs is the #1 priority. What was surprising was that only 38% of employers chose this option. Focusing on compliance initiatives saw a significant increase this year, with 27% of employers declaring this their top priority, a larger percentage than we have seen in the past. Additional scrutiny on fiduciary obligations, PBM oversight, and potential changes in tax treatments to hospital indemnity plans are just some of the areas at the federal level that may test companies. Couple that with increased activity at the state level on various issues, and plan sponsors will have their hands full remaining compliant. 

Beyond tactical priorities, 18% of employers are concentrating on employee well-being. Physical and mental health effects from the pandemic, coupled with rising cancer diagnoses, mean employers cannot take their focus off employee total well-being.

Regardless of which area a company targets as its top objective, employers must take a very active role in managing the benefits program to ensure it maximizes the return on investment.

Should you have any questions regarding any of this information or want to review your priorities or industry-specific data, please contact your local Assurex Global adviser.