In the press
Open enrollment surprise:
Expect health insurance premiums to be ‘highest in decades’ in 2025
by Cheryl Winokur Munk
Published November 4, 2024
CNBC reports that despite rising healthcare costs, there are ways for workers to save money during open enrollment. Some employers are turning to alternative providers like Firefly Health to lower costs while maintaining quality care.
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.
Many workers will pay more next year for health insurance and other benefits given inflation, wider adoption of GLP-1 drugs 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. Some are also switching plan providers or narrowing coverage options as cost-reduction measures.
Employees should expect to pay, on average, 7% to 8% more in premiums than they did last year, said Regina Ihrke, health, equity and wellbeing leader for North America at WTW. Because this is the average, it means that your company could be raising premiums by 4%, while another company could be raising them by 15%. “It is the highest increase we’ve seen in decades, unfortunately,” Ihrke said.
Here’s what workers should consider when choosing benefits this open enrollment season.....
This article was originally published by CNBC.