2024 Open Enrollment: 3 Preparation Strategies With the 2024 open enrollment season fast approaching, employers have an opportunity to develop attractive benefits offerings and proactively communicate with employees. Early preparation can help show employees they’re valued, convince top performers to stay in their current positions and attract new talent. Consider these three strategies to prepare for 2024 open enrollment: 1. Tailor benefits offerings Benefits offerings are one of the top reasons employees join companies and stay at their jobs. That’s why it’s critical for employers to speak with employees about which perks provide the most value. Adding or tweaking a few benefits options could be the difference between retaining and losing top performers. 2. Determine key messaging Benefits communications should account for employees’ desire to feel safe. Thus, key messaging should demonstrate how workplace offerings can protect employees. Outlining different benefits offerings can he...

Employers continue to struggle with controlling rising healthcare costs and providing employees with affordable and quality care options. Of particular concern are the high costs associated with specialty drugs, including treatments like cell and gene therapy. The specialty drug industry has grown from a few available drugs in the 1990s to more than 300 specialty drugs today. Specialty drugs are the fastest-growing expense for most employer-sponsored health plans. As these treatments become more widely available, employers will likely be forced to address even higher specialty drug costs. The recent rise of cell and gene therapy may create even more concern for employers. These treatments typically range from $250,000 to $3.5 million per individual. While CGT is currently limited to a handful of orphan drugs and extremely rare conditions, this is expected to change in the next few years. Investment in regenerative medicine has grown 16% in three years, hitting a record high of $23.1 bi...