More often than not, healthcare costs plague employers’ budgets — but 2024 is putting companies to the test, as inflation pushes prices further and the upcoming U.S. election brings more uncertainty to the healthcare landscape.
According to Mercer, healthcare benefit costs will jump by 5.4% in 2024, outdoing a decade-long average of annual increases that fell between 3% and 4%. Fueled by factors like the record inflation rates of 2022, provider shortages and deferred care due to the pandemic, health plans are finally feeling the full force of the last three years, explains Ellen Kelsay, president and CEO of Business Group on Health.
