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Health care costs associated with benefit programs are projected to increase by almost 8% in 2025. Inflation, rising pharmaceutical and treatment costs, and higher utilization of benefits are among the factors driving the average annual cost of health benefits per employee upwards of $16,000. With almost half of adults (43%) reporting that someone in their household has delayed medical care due to cost, these expenses could continue to rise.
For many small businesses, these increases will be financially untenable and pose logistical nightmares for large companies with diverse benefit offerings. Business leaders hoping to attract and retain top talent may be looking beyond raising employee contributions to offset these expenses. But benefits advisors can help guide their clients to consider whether they should absorb the cost increases, redesign their benefit offerings altogether, or both.
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