Insurance Self-Insured Person 2024
The calendar year 2023 has ended, and for many employers that means it’s time to review their self-funded health plan renewals. As you start this process, keep in mind that it’s now a fiduciary responsibility to make sure your employees are getting the best possible coverage for the money they’re paying.
Despite the fact that prices for healthcare services typically outpace price inflation in the rest of the economy, this year’s rate increases have been relatively modest, at least in the individual and small group market, according to insurer rate filings that we have reviewed. However, many insurers expect broader economic inflation to begin flowing through to the health sector and pushing premiums higher in 2024.
For example, Mercer and Willis Towers Watson have estimated that employer costs will surge about 6.5% for 2024, and that trend may continue. As a result, more and more employers are considering abandoning conventional health insurance in favor of self-insurance arrangements where they assume direct financial responsibility for their companies’ benefit programs.
To help them manage this increasing cost pressure, a growing number of self-insured companies are looking to take control of their benefits administration programs, by moving to more efficient, cost-effective, and customizable solutions. This approach, known as managed self-insurance, requires more of these firms to dig deep into their claims data and become more engaged in the oversight of their health plans. The good news is that there are a variety of tools available to help them do this, from technology and consulting services to third-party administrators and other vendors. Осигуровки самоосигуряващо се лице 2024