In 2024, the landscape of open enrollment is evolving. In a time when inflation has affected almost all aspects of daily life, two prominent trends are shaking up the health insurance industry: rising deductibles and the increasing need for affordable employee-paid supplemental coverage. Below, we explore some of what we’re seeing in the industry today so that we can help you make an informed decision for 2024.
What Do You Need to Know About Open Enrollment 2024?
Depending on when your policy begins, the open enrollment period for 2024 health insurance plans may be approaching. During this time, employees can elect coverage for health insurance and other group benefits without experiencing a qualifying life event.
Rising Deductibles: A Growing Challenge
Deductibles are on the rise, and this trend is making health coverage more complex for both employers and employees. Higher deductibles mean your employees must pay more out-of-pocket costs before their insurance coverage starts. As a result, employees often delay essential medical care, potentially leading to more severe health issues down the road. In 2024, the average deductible is expected to increase, leaving many employees financially vulnerable regarding their healthcare expenses.
Filling the Gap with Employee-Paid Supplemental Coverage
One solution to mitigate the impact of rising deductibles is to provide affordable employee-paid supplemental coverage. These plans act as a financial safety net, offering employees additional protection and peace of mind. Supplemental coverage can help bridge the gap between deductible expenses and when their primary health insurance starts covering costs. These plans empower your employees to make more informed decisions about their health without the fear of incurring overwhelming out-of-pocket expenses.
Alternative Carriers and Flexible Options
Amidst the challenges of rising deductibles and mounting premiums, one option to explore is mixing up your carrier. Don’t be afraid to review your current health insurance provider and shop around for more competitive rates. We can help you customize plans with carriers that still suit the unique needs of your small business or healthcare practice.
Increasing Deductibles and HRAs
Another strategy to assist employees with high deductibles is to consider increasing deductibles strategically to balance cost savings with adequate coverage. Simultaneously, introducing a Health Reimbursement Account (HRA) can be a game-changer. HRAs allow employers to contribute funds for employees to use on eligible healthcare expenses, helping them manage their deductible costs more effectively.
Stay Ahead in 2024
As open enrollment approaches, small businesses and healthcare professionals must adapt to the changing landscape of health insurance. Rising deductibles and soaring premiums require innovative solutions. Consider offering employee-paid supplemental coverage to ease the financial burden and ensure your employees can access the care they need. Review alternative carriers, explore deductible adjustments, and consider HRAs to better support your employees in navigating high-deductible plans.
In 2024, staying proactive and responsive to these trends can set your business or practice apart as a caring and forward-thinking employer, ensuring your employees’ well-being while maintaining financial stability for your organization.
Speak With An Agent At Unity Insurance About Your Open Enrollment Needs Today
Unity’s insurance professionals serve as your advocate from the very beginning. From selecting coverage to filing a claim, we are by your side every step of the way. At Unity Insurance, we know insurance plays a vital role in every stage of your life and business.
Our professionals provide guidance and support to ensure you make the right decisions regarding your insurance options. We work with our clients to provide the best plan for individual needs. Call 410-539-6642 to learn how the experienced insurance agents at Unity Insurance can assist you.