The majority (88 per cent) of U.S. employers say they plan to change their health benefits provider over the next two years, according to a new survey by WTW.
The survey, which polled more than 200 employers, found among respondents that offer well-being benefits, more than half (55 per cent) said they plan to make changes to these offerings. Just 12 per cent of these respondents said they made changes in 2022.
Read: Employer-sponsored health benefits costs projected to rise 7.5% in 2023: report
More than a third (37 per cent) of employers that provide mental-health solutions said they intend to make changes to benefits such as employee assistance programs, up from 24 per cent in 2022. And among employers that provide coverage for diabetes, musculoskeletal conditions, maternity and fertility treatments, two-fifths (42 per cent) said they’re considering changes to these programs.
“High-performing health and well-being vendors are now vital to employers — they have become a critical component of competitive benefit and well-being programs and strategic to their portfolio,” said Courtney Stubblefield, senior director at WTW, in a press release. “However, in an effort to meet the needs of their employees and improve worker health, employers are taking a close look at the value and cost savings their vendors promise. What’s more, they are ready to make changes as needed.”
Read: Employer health benefits cost trends rising 10% in 2023: survey