Industry News
Print
International Foundation Releases Health Care Costs 2022 Survey Results
On September 20, 2022, the International Foundation of Employee Benefit Plans (IFEBP) released its report, Health Care Costs Pulse Survey: 2023 Cost Trend. The report was based on the 2022 survey of U.S. employers which projects an increase of 7.5% in health care costs for 2023.
According to the survey responses from corporate/single employers (70%), public employers/governmental entities (15%) and multiemployer benefit funds (15%), the primary reasons contributing to an increase in health care costs include:
- Catastrophic claims (17%);
- Medical provider costs (14%);
- Utilization due to chronic health conditions (13%);
- Utilization due to delayed preventive/elective care during the pandemic (12%); and
- Specialty/costly prescription drugs (10%).
The respondents also indicated that the most effective initiatives to manage costs in 2023 would include:
- Purchasing/provider initiatives (e.g., telemedicine, price transparency tools, and quality initiatives) (24%);
- Cost-sharing initiatives (e.g., deductibles, coinsurance and copays) (21%);
- Utilization control initiatives (e.g., prior authorization, case management and disease management) (13%); and
- Plan design initiatives (e.g., dependent eligibility audits, high-deductible health plans and wellness initiatives) (11%).
The report is available here.