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IN-DEPTH - Benefits 2023: The Year in Review (and a look ahead)

It has been a chaotic journey for healthcare industry stakeholders over the past few years. Between the shift to remote and hybrid work, skyrocketing costs, economic volatility, and AI's rapid acceleration, it's safe to say the workforce and their benefits needs have permanently changed. How will these changes shape our approach to work and benefits in the upcoming year?

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Reframing employee health: Moving beyond burnout to holistic health

A recent McKinsey Health Institute survey analyzed data from over 30 countries, and it discovered that through wellness initiatives at the organizational, team, and individual levels, these programs not only improve employee well-being, but also enhance job performance and reduce chronic care costs.

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7 Trends to Watch in Benefits and Compensation in 2024

The landscape of employee benefits and healthcare is evolving more rapidly than ever. With rising healthcare costs posing a continuous challenge, and a noticeable shift towards comprehensive wellness and transparency, employers and benefits professionals are on a relentless quest to find innovative solutions.

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Why Consumers Should Care About Biomarkers — And How Technology Developers and Manufacturers Can Bridge the Gap

Smartwatches that track blood pressure or smart mirrors that analyze skin cells for signs of melanoma may seem futuristic, but biomarker detection technologies are rapidly making these tech dreams a reality. Embracing biomarkers could revolutionize preventive healthcare by delivering insightful data that is accessible at any time.

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Biden to sign sweeping executive order pursuing "safe, secure and trustworthy" AI development

President Biden recently signed an executive order creating new AI standards, focusing on safety, security, and equity within healthcare. While AI is an especially attractive option for underwriting due to its ability to reduce administrative burdens, the impact of these technologies in the healthcare setting is still widely unknown.

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Brokers step up to help address rising health care costs

As if brokers didn’t already have enough on their plates, employers are turning to them even more for consultation, assistance with communication, employee education, and beyond. It can be very tough to satisfy the needs of employers in this climate. Learn more about the vital role brokers play in this article from Insurance NewsNet.

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Small- and medium-sized employers embrace self-insurance

In a surprising shift, large businesses are backing away from self-funding, while small and medium-sized businesses are embracing it. Discover more about the trend in this article from Fierce Healthcare.

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How insurers can leverage the power of generative AI

Leave risk to the robots? Many underwriting companies are looking into generative AI to make the often exhaustive, slow, and impersonal insurance industry more efficient and user-friendly. But this doesn’t mean that human underwriters are becoming obsolete. Read more about how insurers can adopt generative AI in this article from Insurance NewsNet.

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How captive insurance companies provide bank-like benefits

Captive insurance has transformed from a risk mitigator to a financial powerhouse by offering bank-like benefits, providing a reliable cash flow and a secure path to success for businesses. Explore captive insurance’s amazing benefits in this article from Insurance NewsNet.

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Why Small Businesses Should Consider Self-Funded Health Insurance Plans

Inflation is already a growing concern—but did you know that health insurance premiums are increasing even faster? If left unchecked, by 2055 the average family’s health insurance premium will exceed the average wage. To learn more about how self-funded health plans can help save money, check out this article from Entrepreneur.

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Payers could see 7% spike in healthcare costs in 2024

A new report from PwC indicates that health plans are modeling for inflation, and double-digit pharmacy trends driven by specialty drugs. Shifts in care settings and workforce shortages are only escalating the impact of inflation, making a tough situation that much worse. Learn more about spiking healthcare costs and their impact in this article from Healthcare Finance News.

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Younger people driving more high-cost claims for employers: survey

True or false: the latest rise in high-cost claims is due to older plan members. You might be surprised to learn that the answer is false—the culprit for high costs is increasingly turning out to be the younger population. Self-insured employers face plenty of challenges trying to manage healthcare costs as it is, from the expenses of specialty drugs to the limitations of stop-loss coverage. Check out this article to learn how to cut down on unnecessary expenses.

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Discover The Truth About Self-Funding — And Save on Your Health Plan

Do you believe self-funded health plans are more expensive? The truth is they save companies an average of 8-10% a year, which really adds up in the long run. Check out this article to uncover the truth about self-funding.

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How strategic use of benefits accounts can ease financial stress

If you knew what cost a business a fourth of their weekly productivity, wouldn’t you want to fix that? That is what happens when employees endure financial stress. But with strategic benefits planning, you and your clients can give their employees the support they need to eliminate that worry – driving productivity and employee retention.

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Study: Young people buying insurance worry about wrong risk

What is the most important factor for young people buying insurance? The answer may surprise you. A recent survey found that young buyers are worrying about the wrong risk. With benefits planning, you and your clients will help them consider the right factors.

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Survey: Annual 2022 health premiums steady, but may be ‘calm before the storm’

The average premium for family coverage has risen over the years, but recent inflation will further increase it.

Employers contribute greatly to this cost and won’t be able to easily shift it to employees in a tight labor market.

According to KFF’s annual Employer Health Benefits Survey, workers at small firms pay higher deductibles, and there’s an increase in employees using mental health services.

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Which benefits trends will affect employees most in 2023?

Which benefits trends will solve the challenges that the pandemic caused employers?

Many employees are recovering from financial strain, facing the hardship of becoming caregivers, and growing more concerned about their mental health.

As a result, the industry is shifting towards a customized approach to meet employees’ needs.

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Workers favor health and wellbeing services when choosing an employer

The secret to every successful company is the ability to run a profitable business while attracting and retaining talented employees.

But how does one successfully do this? According to Mental Health Index, benefits and flexibility are the largest contributors to engaging and maintaining top professionals.

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Employers surveyed plan to enhance benefits in 2023 to attract, retain talent

With the start of the new year, many employers are looking for ways to enhance their health and benefits offerings.

According to Mercer’s Survey on Health and Benefits Strategies, employers are reworking benefits programs to attract and retain talented employees.

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