Employers Weigh In on Major Trends in the Published 2022 Employee Benefits Market Trend Report

COLUMBUS, OH – The 2022 Employee Benefits Market Trend Report is published and now available from Assurex Global.

In 2022, Assurex Global conducted a series of polls during our webcasts with thousands of employers to understand a variety of employee benefits, human resources, and health care topics. The report is a comprehensive compilation of these findings. It aims to help provide employers with insightful information to help guide their decisions as they design employee benefits offerings for maximum value.

“The employee benefits industry remains a fast-paced market. While the speed and innovation can make it exciting, it also creates challenges for benefit decision-makers,” said Dan Gowen, EVP, Employee Benefits Leader at Assurex Global.

Knowing how other companies may be thinking about timely issues can be helpful when deciding a course of action.

“Rising costs, new legislation and reporting requirements, paid leave changes, retaining talent, and sustaining employee engagement are some of the headwinds employers will face going into 2023,” Gowen said.

Some of the highlights from the report include:

• 2023 Medical Cost Increase — 2022 was a rebound year in terms of the volume of care. That, coupled with increased inflation, had many plan sponsors concerned with their medical renewal costs for 2023. The report’s findings show that almost half of the employer respondents will absorb an increase of at least 7% in 2023. Various factors are at play for rising costs, including greater frequency of high-dollar claims; an increase in mental health conditions; an increase in provider unit cost because of high inflation; labor shortage and consolidation within the healthcare industry; and additional costs due to long-term COVID-19.

• Inflation and the Impact on 2023 Insurance Purchasing — Inflation continues to be an issue for many Americans. High prices are impacting their wallet in several areas. Inflation fears may impact what and how employees purchase insurance coverage through their employer. Our survey showed that over 47% of employers confirmed their workforce is struggling, and almost half are concerned that the economy will lead to reduced insurance purchasing among workers.

• 2023 Employer Health and Well-Being Strategies — Employee engagement and total well-being remain a top priority for employers across the country. Our survey showed that the top priority around the medical offering is focused on limiting the employee’s financial exposure. On the non-medical side, over half of the employer respondents indicated they intend to add voluntary products to the benefits plan to fill gaps in their current benefits offering and meet employees in their various life stages.

Additionally, the report also covers the following topics:

• Prescription Drug Reporting Requirements
• 2023 Annual Enrollment Methods
• Employer Actions Regarding Women’s Health
• Transparency Disclosure Requirements
• Healthcare Affordability
• Employee Mental Health 
• Employee Recruiting and Retention Challenges
• Investment in Employee Well-Being
• COVID-19 Vaccines in the Workplace – Post Supreme Court Ruling
• Top Benefits Priorities

Please connect with us to learn more about the report or to connect with one of our Employee Benefits experts. Our experts and specialists are always open to discussing any piece you are working on for employee benefits topics.