Healthcare Costs – No Relief

The cost of healthcare rose by 8.2 percent in 2023, and there is no relief in sight for US employers. The projected increase for 2024 is 8.9 percent. According to a study by WTW, the prediction is that rate globally will actually decrease a bit in 2024, but then rise again thereafter. Contributing factors are expected to be increased use of new medical technologies, overuse of care (resulting from healthcare providers either over-prescribing or providing excessive services), and the poor health habits of people in general -the usual culprits of bad diet, lack of exercise, alcohol use and smoking. Employers are advised to work with their insurers to explore means of cost savings.

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Preparing for 2024

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New Year: New Dimensions to “Old” Problems