Alegeus 2024 Health Benefits Trend Predictions
Published on January 3rd, 2024
As we reflect on 2023 and prepare for the year ahead, many trends come to mind. Our market insight experts consulted data, partner areas of focus, and top industry source predictions to bring you Alegeus’ own trend predictions for the health benefits space in 2024.
We anticipate a technological revolution, fueled by artificial intelligence (AI), that will cause an unprecedented change in healthcare benefits. As such, employers will rely more heavily on their partners to keep them ahead of the curve and always advancing. Though seemingly contradictory, the increase in technology can help increase personalization in the healthcare space. We dive into each of these trends below and provide a few trend prediction lists from top industry sources for your perusal.
Generative AI: To create efficiencies and better outcomes in healthcare
“Artificial intelligence is poised to revolutionize healthcare benefits in 2024, fostering a new era of personalized care and optimized solutions. By harnessing the power of AI, we’re unlocking the potential to tailor benefits, predict health outcomes, and enhance the overall well-being of individuals. The marriage of AI and healthcare benefits will not only streamline administration but also empower individuals to make informed decisions, transforming the way we approach healthcare for a brighter, more personalized future.” – Mandy Scott, Account Manager, Alegeus
Partner Spotlight: Employers place heightened expectations on their partners
In 2024, we’ll witness a significant shift where employers will seek more from their benefit partners, expecting not just traditional service delivery, but a deeper level of collaboration and strategic alignment. Employers are increasingly prioritizing partnerships that go beyond the transactional, aiming for relationships characterized by innovative problem-solving, proactive insights, and a shared commitment to drive employee well-being.
This trend underscores the growing recognition that strong partnerships are pivotal in crafting holistic and impactful benefits experiences for employees, enabling organizations to navigate complex healthcare environments with greater agility and effectiveness.
Telehealth: Better technology and improved personalization in medicine
As technology continues to advance, telehealth stands at the forefront, offering unparalleled convenience and accessibility to healthcare services. Combined with advancements in generative AI, this can lead to better personalization in medicine. Giving medical professionals access to more information, faster, will help them personalize experiences for each of their patients in a more efficient manner.
Increased Interest in ICHRA: Due to commercial plan rate increases
Many employers are feeling the effects of inflation and soaring premiums in addition to commercial plan rate increases imposed this year. We believe we will see more ICHRA business this year as a result.
“The individual exchange rates are becoming more affordable, and benefits are better in many cases. In some markets, HDHP commercial rates outprice more traditional hybrid plans on the exchange.” – Michele Luke, Manager, Regional Health Plan Strategy, Alegeus
Additional article from BenefitsPRO on the topic: What employers are saying about ICHRAs
Top Health Benefits Trend Predictions for 2024
Below are a few 2024 health benefits and FinTech trend predictions from leading industry sources, compiled in one place to make them easier to find and digest. We did the research for you!
- Healthcare costs are climbing – bringing heightened vigilance by employers.
- Access to mental health and substance use disorder services remain a priority, with a growing focus on emerging areas of concern.
- Employers double down on cancer and other serious or chronic conditions.
- Employers express growing alarm over the sustainability of and lack of transparency into drug pricing.
- Global employers implement strategies focused on greater consistency across countries while adapting to local regulations and cultural appropriateness.
- The role of well-being continues to evolve.
- As ERISA turns 50, preemption is even more important for self-insured employers.
- Employers place heightened expectations on their partners to deliver.
- Telehealth Takes Center Stage
- AI And Machine Learning in Diagnostics
- Blockchain For Health Data Security
- Genomic Medicine
- Wearable Health Tech
- Value-Based Care Models
- Virtual Reality in Therapy
- 3D Printing in Healthcare
- Patient-Centered Care
- Cybersecurity In Healthcare
- Shift in funding sources
- Hospital consolidation
- Technology (telehealth)
- Consolidation in other sectors
- Forward Thinking Leaders