Benefits Trends to Watch in 2023

2023 will be an exciting year for healthcare and the insurance market. Coming off a volatile two years of COVID-19, economic uncertainty is throwing a new wrench into the system. In addition, rising inflation and supply chain issues have put pressure on healthcare and increased costs.

We expect employers to shift their benefits strategies to meet their unique challenges. Here’s what to keep an eye on in the coming year.

Telehealth will be a routine part of medical care.

The pandemic drove the usage of virtual health options. And the adoption of this care model will be here to stay. As a result, patients can enjoy the benefits of getting treatment without the hassle of scheduling and waiting at the office.

Employers also benefit from this model because virtual care costs much less. According to the American Medical Association, just 14% of physicians were available for virtual care in 2016. In 2022, 80% offered virtual visits.

Companies will look for innovative benefits solutions.

Healthcare benefits costs are continuing to rise. Zenefits cites data suggesting prices could increase by 6% in 2023. As a result, employers will look for ways to offset the additional costs.

And it won’t be easy in the current talent market.

Talented employees still have the leverage to choose companies that offer a suite of benefits that meets their needs. Organizations will need to be creative in what they offer. This includes utilizing voluntary benefits and offering wellness programs that do more than pay for employees’ hospital bills.

A new focus on employee well-being

Many companies have experienced the ramifications of employee well-being in the past few years. Thousands of workers resigned, citing burnout and a lack of work-life balance as primary reasons for moving on.

Increasingly, an employee's mental and physical health is being addressed in the workplace. And organizations that use programs to support employees will likely see better retention rates and productivity.

Your partner in a changing benefits landscape

We can work with you and your clients to develop innovative solutions in a shifting benefits landscape. Our expertise can help you design benefits plans and get employees enrolled. Please get in touch with us to discuss what we can do for your clients.