Open enrollment season is underway, and many workers should expect an unwelcome surprise: higher benefits costs.
Health-care premiums in workplace benefits plans are expected to rise 7% to 8%, on average, for 2025.
Open enrollment season is underway, but many workers haven't yet selected their benefits for next year. When they sit down to do so, they may get an unwelcome surprise: higher costs.and an increase in catastrophic medical claims. These factors have propelled costs for employers, and while some companies are eating these extra costs, for now, others are finding ways to pass expenses onto employees.
Notably, a Voya survey conducted in September and October found that 73% of respondents select the plan with the lowest out-of-pocket costs, while 69% said they choose the plan with the lowest monthly cost. What's more, 53% of respondents agree they are willing to pay less for health insurance even though they may have fewer coverage options.Some employers offer employees the option of choosing a high-deductible plan. With this type of plan, the monthly premium is usually lower.
Some employers are turning to alternative providers such as Surest Health Plans, a UnitedHealthcare company, Centivo or Firefly Health in an attempt to lower costs for workers, while still providing quality care.Since some employers offer workers more than one plan option, it's a good idea to use self-service tools or talk to your open-enrollment team about the medications you take and the cost implications.
A recent survey by Equitable, which offers supplemental health insurance solutions, found that 60% of Americans would struggle to cover the total costs of an unexpected hospital stay.
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