The 2024 SHRM Employee Benefits Survey highlights critical trends in employer-sponsored insurance benefits, emphasizing the growing importance of health, dental, vision, and specialty coverage in today’s workforce. As employee expectations evolve, businesses must stay competitive by offering comprehensive Indiana Health Insurance solutions.
Key Findings on Employer-Sponsored Insurance Benefits
1. Health Insurance Coverage Remains a Top Priority
- 97% of employers provide some form of health coverage.
- 70% offer fully insured health plans, where insurers manage claims, while 27% operate self-insured plans to control costs.
- PPO plans (82%) remain the most popular choice, followed by high-deductible health plans (HDHPs) (63%) paired with Health Savings Accounts (HSAs).
2. Growing Emphasis on Health Savings & Spending Accounts
Health Savings Accounts (HSAs): 60% of employers offer HSAs, and 62% contribute to employee accounts, averaging $1,033 for individuals and $1,633 for families.
Health Reimbursement Arrangements (HRAs): 15% of employers provide HRAs, with employer contributions averaging $2,154 for individuals and $3,604 for families.
Flexible Spending Accounts (FSAs): 63% of employers offer FSAs, though this has slightly declined since 2021.
3. The Rise of Mental Health & Telehealth Services
91% of employers offer telemedicine or telehealth services as standard benefits. 90% provide mental health coverage, solidifying its role as an essential employee benefit.
4. Specialty Insurance Offerings Expanding
Dental Insurance: 99% of employers offer coverage.
Vision Insurance: 96% of employers provide vision benefits.
- Critical Illness & Hospital Indemnity Insurance: 51% offer critical illness insurance, up 3% from last year.
- 36% provide hospital indemnity insurance, the highest rate in the survey’s history.
What This Means for Employers
- Comprehensive insurance benefits remain crucial for attracting and retaining talent.
- Employer-sponsored health savings and spending accounts continue to expand, offering more financial security.
- Mental health, telehealth, and specialty insurance benefits are becoming industry standards.
- Compliance with emerging healthcare regulations is key to maintaining a competitive and compliant benefits package.
Employers must stay informed, benchmark their offerings, and ensure their Indiana Health Insurance benefits align with workforce needs. For personalized insurance solutions, Nefouse & Associates, Inc. can help navigate these evolving trends and design tailored benefits packages.
Need a strategic review of your company’s Indiana Health Insurance offerings?
Contact Nefouse & Associates, Inc. about Indiana Health Insurance today!
References
Society for Human Resource Management. (2024). 2024 Employee Benefits Survey Executive Summary. Retrieved from https://www.shrm.org/topics-tools/research/employee-benefits-survey
