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The percentage of employers who are covering new and trendy weight-loss drugs has risen in 2024, continuing a trend of increasing coverage despite the costs, according to a new survey. And, as costs continue rising on average 5.25% in 2024, employers are taking a number of steps to manage costs. after rising 8.3% the year prior.
Group Health Plan Trends for 2025 As healthinsurance costs continue to rise at an uncomfortable pace, employers in 2025 plan to shake up the status quo with their health care vendors, particularly those focused on reducing pharmacy spend, a main cost driver, according to a new report. GLP-1s loom large.
The decisions can have a ripple effect into other areas, such as: Increased HealthInsurance Costs: Premium increases directly impact the budget and total health spending that is dedicated to employee benefit programs and services. Many employers offer group healthinsurance on a fully-insured basis.
The explosion in demand for new, costly and highly effective weight-loss and diabetes drugs is poised to play an outsized role in increasing the cost of health care, and in turn, healthinsurance in America. in 2023, compared to an increase of 6.4% in 2022, according to a report by Mercer.
The percentage of employers who are covering new and trendy weight-loss drugs has risen in 2024, continuing a trend of increasing coverage despite the costs, according to a new survey. And, as costs continue rising on average 5.25% in 2024, employers are taking a number of steps to manage costs. after rising 8.3% the year prior.
A new report by Aon warns employers to expect average group healthinsurance costs to increase 8.5% in 2024, as inflation starts hitting the cost of delivering care as well as pharmaceuticals. The report predicts that employers will pay an average of $15,088 in 2024, compared to the average this year of $13,906.
A new study predicts that group healthinsurance costs will jump 8% in 2025, on par with what American employers have experienced this year and in 2023. And while drug costs are rising, some of the medications may actually reduce future health care costs for those taking them.
A new study predicts that group healthinsurance costs will jump 8% in 2025, on par with what American employers have experienced this year and in 2023. And while drug costs are rising, some of the medications may actually reduce future health care costs for those taking them.
Pharmacy spending, high-cost claimants and newly developed anti-obesity drugs are expected to shape health benefits and affect the cost of care and healthinsurance for employers, according to a new report. As a result, demand for these pharmaceuticals has boomed, but not all health plans cover them.
As healthinsurance and health care costs continue climbing, some employers are taking new and innovative steps to tamp down costs for themselves and their covered employees while not sacrificing the quality of care they receive. The following are some strategies that employers are pursuing.
Employers of every size continue to struggle with the rising costs of healthcare, which ultimately increases the cost of medical premiums for everyone. In fact, after raising the prices of more than 1,400 prescription drugs in 2022, pharmaceutical companies started 2023 off with a 5% increase for more than 450 medications.
market, in March 2023 announced that they will cap the cost of insulin for people with private insurance plans. That includes those on employer-sponsored group health plans and plans purchased on a government-run exchange. Three drugmakers, which account for roughly 90% of the insulin in the U.S. million people — or 28.5%
As healthcare costs have risen rapidly in the last decade, employer-sponsored healthinsurance premiums have followed,1 affecting both organizations and employees. Data analytics is the first step in answering that question, directing employers toward what medical situations can sink a healthcare plan. WANT TO LEARN MORE?
Employers have often long struggled to boost participation in their wellness programs, but the COVID-19 pandemic changed that as people started looking for ways to better care for themselves both physically and emotionally. Wellness programs can bridge the gap between employees’ overall health and your group healthinsurance.
It’s almost time for year-end small group open enrollment and you need to drive engagement so that your employees can make informed decisions about their healthinsurance options. Provide employees with a breakdown of medical and pharmaceutical cost increases to avoid sticker shock.
Curbing the cost of health care and increasing its affordability remain the top priorities for almost all employers over the next three years (93%), according to the 24th annual Best Practices in Health Care Employer Survey by Willis Towers Watson. Employers expect health care cost increases of 4.9%
That’s now up to 67%, a reflection of how many states have mandated the closing of nonessential businesses and the voluntary decision by numerous employers to prevent infection by having work performed away from the office. Employers thrust into the world of remote work are also trying out new ways to meet and collaborate virtually.
It conducts clinical trials on behalf of its pharmaceutical clients and provides regulatory, consulting, and market access to expedite the drug approval process. From project leaders to software engineer to medical writers; the employment opportunities are diverse. It offers health care products and insurance services.
Some of the nation’s largest employers, after months of skirting around the fraught issue, have in recent days been compelled to make Covid-19 vaccines mandatory for workers. 4, all new employees will need to show proof they are fully vaccinated before their first day of employment. Pfizer: The pharmaceutical giant’s U.S.
Aerospace, automotive, pharmaceuticals, beauty products, skincare items, luxury goods, telecoms, and hospitality all play a significant role in keeping the French economy running successfully. France’s economic standing alone is enough to entice people to find employment in the European country. HealthInsurance.
As a consumer or employer navigating the complex world of prescription medications, one of the most frustrating questions we hear is, “How much is my drug copay?” Here is how end users and employers can guide their employees about managing drug copays: Always ask questions: Don’t assume your copay is set in stone.
A new area of potential liability for employers was recently opened when a class-action suit was filed against Johnson & Johnson, accusing it of mismanaging its pharmacy benefit manager plan, resulting in the health plan and its enrollees overspending millions of dollars on medications. The case The class action , filed Feb.
Presenting a good employee benefits package often gives one employer an edge over another, especially in cases where basic salaries are relatively equal. Someone definitely could view an employee benefits package that lacks healthinsurance or paid sick days as a reason to not accept an offer of employment.
This ratio compression is expected to result in higher premiums for younger individuals, as insurers account for the drop in premiums for older individuals. Most small businesses should expect to see an increase in their healthinsurance premiums due to this age ratio compression. Early bird special? Strength in numbers.
How much are your basic monthly living expenses, including food, shelter, healthinsurance, transportation, childcare? While your medical debts are important, your healthinsurance will continue even if your medical bills grow. How much cash can you get your hands on quickly, if you need it?
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