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Inflation’s Impact on 2024 Open Enrollment
Many employees continue to feel financially strained because of inflation. With open enrollment fast approaching, inflation could impact the choices employees make when it comes to their benefits. Specifically, employees are likely to consider which benefits matter the most and how to optimize the money they spend on those offerings.
Health Care Costs Projected to Grow 7% in 2024
Health care costs are expected to grow 7% in 2024 due to rising pharmaceutical expenses driven by specialty drugs and insurers increasing rates in response to inflation, according to an annual report from professional services firm PricewaterhouseCoopers (PwC). This trend is higher than 2022’s and 2023’s projected medical cost rates, which were 5.5% and 6%, respectively.
Inflation Eased to 3% in June, Slowing for the 12th Month
The U.S. Bureau of Labor Statistics (BLS) reported that the consumer price index increased 3% year over year in June, falling to its lowest rate in more than two years. The latest reading marked inflation’s deceleration for the 12th consecutive month, an encouraging sign for Americans and the Federal Reserve (Fed).
May Inflation Drops to 4% Year-over-Year Increase, Signaling Inflation May Be Cooling
The U.S. Bureau of Labor Statistics (BLS) reported that the consumer price index (CPI) rose 4% year over year in May, a significant decline from 4.9% in April. This is the lowest annual pace since 2021 and slightly below economists’ expectations of a 4.1% increase, according to Refinitiv, global provider of financial market data and infrastructure. The latest reading marked inflation’s deceleration for the 11th consecutive month, an encouraging sign for Americans and the Federal Reserve (Fed).
Inflation Contributes to Rising Medical Costs and Workers’ Compensation Expenses
A report from the National Council on Compensation Insurance (NCCI) found that the current inflationary environment has contributed to rising medical costs and workers’ compensation expenses across the country.
Recession-proofing Strategies for Small Businesses and Their HR Teams
A recession is a prolonged and pervasive reduction in economic activity. Generally speaking, multiple successive quarters of negative growth in gross domestic product—a monetary calculation of the market value of goods and services generated and sold during a set time period within a given country—constitute a recession.
Inflation Trends Ease to a 7.7% Year-over-Year Increase in October 2022
Recently, the Bureau of Labor Statistics (BLS) reported that the consumer price index (CPI) eased to a 7.7% year-over-year increase in October 2022. This is down from an 8.2% increase in September. In addition, the CPI for all urban consumers rose by 0.4% from the same period last year, matching the increase in the previous two months.
PBM Satisfaction Among Health Plans Drops to Three-year Low
In 2022, customer satisfaction with pharmacy benefit managers (PBMs) reached a three-year low, according to a recent report from the Pharmaceutical Strategies Group (PSG). This year’s PBM customer satisfaction score was 7.8 out of 10, compared with 8.2 in 2021 and 8 in 2020. Analysts believe this drop may be linked to rising drug prices and negative public sentiment since the COVID-19 pandemic.
Inflation’s Impact on 2023 Open Enrollment
Many employees are currently feeling financially strained because of inflation. With open enrollment fast approaching, inflation could impact the choices employees make when it comes to their benefits. Employees are likely considering which benefits matter the most and how to optimize the money they spend on those offerings. As a result, this year’s open enrollment may be more challenging than usual for employers and benefits providers.
How Small Businesses Can Prepare for a Recession
A recession is a prolonged and pervasive reduction in economic activity. Generally speaking, multiple successive quarters of negative growth in gross domestic product—a monetary calculation of the market value of goods and services generated and sold during a set time period within a given country—constitute a recession. A recession can last for several months or years. Furthermore, recovering from this state to the nation’s previous economic peak can take years, even after a recession ends.
5 Strategies for Tackling Rising Health Care Costs in 2023
Most employers are concerned about their health care costs rising in 2023. According to Willis Towers Watson’s (WTW) 2022 Emerging Trends in Health Care Survey, 94% of employers reported managing health care benefits costs will be their top priority over the next two years. Employers will likely avoid shifting costs to employees because of the state of the labor market.
Inflation Increases 8.2% Year Over Year in September as Prices Continue to Climb
The Bureau of Labor Statistics (BLS) announced that the U.S. consumer price index (CPI) rose 8.2% year over year in September 2022, remaining near a 40-year high. The increase was not anticipated by experts, who expected a slowdown as the Federal Reserve (Fed) continued to hike interest rates.
2023 Social Security Cost-of-Living Adjustment Will See Highest Increase in 40 Years
On Oct. 13, 2022, the U.S. Social Security Administration announced that Social Security beneficiaries can expect an 8.7% increase in benefits next year. This increase surpasses the 5.9% cost-of-living adjustment (COLA) in 2022, which, at the time, was the highest in four decades. On average, Social Security benefits will increase by more than $140 per month for beneficiaries beginning in January.
How to Recession-proof Your Life
Many Americans and economists think rising inflation, interest rates and housing costs may be warning signs of a looming recession. Unfortunately, if a recession does occur, more than two-thirds of Americans don’t feel prepared for it, according to a MagnifyMoney survey.
Reports Show 2022 Wages Increasing Near the Pace of Inflation
According to HR services provider ADP, salaries have been rising rapidly, nearly on par with inflation. Year-over-year pay raises increased by 7.6% leading up to August 2022, compared to an average of around 2% in early 2021. While pay has increased overall, its growth has flattened since April.
Inflation Increases 8.3% Year Over Year in August, Trends Slightly Down From July
The Bureau of Labor Statistics (BLS) announced that the U.S. consumer price index (CPI) increased 8.3% year over year in August 2022, remaining uncomfortably rapid for the month. The CPI didn’t ease as much as expected by economists, putting continued inflation-related financial pressure on consumers.
Prioritizing Mental Health Amid Inflation-related Anxiety
Financial stress can be a burden, but it can also negatively impact your mental health. During this period of increased inflation, it is especially important to understand the relationship between financial and mental wellness so you can apply strategies to help you improve both areas of your life.
Final Rule Implements Ban on Surprise Medical Billing
On Aug. 19, 2022, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) jointly released a final rule implementing the ban on surprise medical billing under the No Surprises Act (NSA), which was enacted as part of the Consolidated Appropriations Act, 2021 (CAA).
Inflation Reduction Act Contains Some Health Reforms
On Aug. 12, 2022, the U.S. House of Representatives passed the Inflation Reduction Act. President Joe Biden is expected to sign it into law shortly. While this bill is primarily aimed at fighting inflation and reducing carbon emissions, it also contains a number of reforms that will impact health coverage.
Inflation Eases to 8.5% Year Over Year in July, Remains Near 40-year High
The Bureau of Labor Statistics announced that the U.S. consumer price index (CPI) rose 8.5% year over year in July 2022, a slightly slower pace from last month’s record 9.1% reading. The latest CPI number indicates that inflation pressures are somewhat easing, but it remains near record-high levels since the early 1980s.