With 2023 in full swing, how are employers maximizing their use of benefits?
Employers are facing two competing realities as they plan their health and benefits offerings for 2023. On one hand, a hot labor market has led to a talent shortage, prompting employers to enhance benefits to retain and attract employees. On the other hand, employers are grappling with rising costs and inflation concerns uand want to ensure any benefit investments are worthwhile. According to a survey, over two-thirds of US employers are planning to enhance their health and benefits offerings next year, with a focus on healthcare affordability and family-friendly benefits. Specifically, 41% of employers currently provide a medical plan option with a low or no deductible, It is worth noting that while free coverage has been common among small employers, it is a newer strategy for larger employers seeking to retain and engage their employees.