The pressure has never been greater on health benefits consultants. Companies are tightening their belts amid economic uncertainty, inflation concerns, raising salaries to hire and keep talented employees, and projecting that health care costs will rise again in the coming year. 

A study by Mercer predicts a 5.4% increase in the cost of providing health benefits to employees in 2024, and that's after making plan changes. For employers who make no changes and provide employees with the same benefits as they did in the previous year, Mercer data shows their health care costs will rise 6.6%. The study suggests many employers in recent years have been reluctant to cut actual benefits or the mix of their offerings because of the demand from employees on myriad struggles around mental and financial well-being. 

It will be increasingly challenging for advisors, benefits administration vendors, and HR teams to hold the line while providing all the support employees need and have come to expect from their employers.