CBIZ’s 2024 State of Health Care Report Highlights Areas of Priority for Employer Benefit Plan Sponsors

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CBIZ (NYSE: CBZ), a leading national provider of insurance, financial and advisory services, released its second annual State of Health Care Report.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, April 2, 2024
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Consulting, Professional Services, Managed Care, Health, General Health, Small Business, Health Insurance, Genetics, Insurance, Human Resources, Finance, Steps, Element, Diagnosis, CBZ, Organization, Family, Infertility, Talent, Communication, Health insurance
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UNITED STATES, NORTH AMERICA, OHIO
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CBIZ, CBIZ, INC.
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NYSE:CBZ
Summary
Key Points: 
  • CBIZ (NYSE: CBZ), a leading national provider of insurance, financial and advisory services, released its second annual State of Health Care Report.
  • The State of Health Care Report includes responses from 338 businesses, spanning more than 27 states, the majority of which have more than 100 employees.
  • The survey provides insight into employer priorities, top health plan features, and emerging mental and physical health benefit trends to watch through the remainder of 2024.
  • “The insights from our State of Health Care Report reinforce the critical link between comprehensive benefits, effective communication, and strategic cost control.


CBIZ (NYSE: CBZ), a leading national provider of insurance, financial and advisory services, released its second annual State of Health Care Report. This year's findings highlight how critical it is for employers to offer health care benefits that are not only comprehensive but also specifically tailored to meet the changing needs and desires of the American workforce, highlighting the connection between such benefits and the ongoing challenge of attracting and keeping top talent.

Nearly 61% of respondents identified attracting and holding onto top talent as a primary strategic initiative. That was followed by 55% of companies which shared maintaining compliance and controlling medical costs were top priorities. Additionally, 40% of companies emphasize the need to improve their benefits communications, pointing to a significant gap in employees' understanding of their available benefits, with 33% indicating this as the most crucial area for improvement.

The State of Health Care Report includes responses from 338 businesses, spanning more than 27 states, the majority of which have more than 100 employees. The survey provides insight into employer priorities, top health plan features, and emerging mental and physical health benefit trends to watch through the remainder of 2024. A link to the full report can be found here.

"Our focus at CBIZ has been on not just meeting but anticipating the needs of our clients when it comes to tailored health care solutions,” said Polly Thomas, President of CBIZ Employee Benefits, Kansas City. “The insights from our State of Health Care Report reinforce the critical link between comprehensive benefits, effective communication, and strategic cost control. These elements are crucial for creating a work culture that both attracts and keeps top talent.”

The survey also sheds light on emerging trends and areas of innovation within health care benefits, pointing to new avenues for employers to enhance their offerings:

Responding to rising demand for weight loss medication: 17% of organizations offer weight loss medication coverage, with more than 15% considering it for future benefits packages. This highlights that employers are beginning to recognize the surging demand for employee wellness, a major theme of last year’s report.

More companies moving to self-insurance models: Nearly 29% of businesses adopt self-insurance models. There is an ongoing shift towards cost containment and customizable benefits strategies, allowing for greater flexibility in managing health plan claims and potential large claim protection.

Steps forward in gene therapy benefits: A trend may be emerging, as 6% of employers offer stop-loss gene therapy coverage, while almost as many are considering the benefit. With the cost of gene therapies projected to exceed $25 billion by 2026, a forward-looking focus on gene therapy programs — though still in early adoption stages — signals employers' commitment to groundbreaking treatments. While direct coverage is still emerging, nearly 50% of CBIZ's self-funded clients have integrated gene therapy programs for 2024, showcasing a proactive approach to future health care needs.

Support for infertility treatments: Recognizing the personal and emotional challenges faced by employees planning for a family, more than 22% of companies now offer coverage for infertility diagnosis, and more than 18% for treatments.

“The state of health care and the benefits employees have access to directly affects overall wellbeing and retention, and helps employers stand out in a competitive hiring landscape,” said Jay Meschke, President of Talent & Compensation Solutions at CBIZ. “This year’s report highlights the issues employers are facing around affordability, plan communications and compliance. It also points to trends we can expect to continue to grow in the coming years around weight loss drugs, fertility treatments, and gene therapy.”

Note: Not all those surveyed are clients of CBIZ.

About CBIZ

CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services, including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting and executive recruitment. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the Company’s services are provided through more than 120 Company offices in 33 states. For more information, visit www.cbiz.com.

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