The increases are coming per Keckley report today. The Business Group on Health released its 2025 forecast for employer health costs based on responses from 125 primarily large employers surveyed in June: Highlights: “Since 2022, the projected increase in health care trend, before plan design changes, rose from 6% in 2022, 7.2% in 2024 to almost 8% for 2025. Even after plan design changes, actual health care costs continued to grow at a rate exceeding pre-pandemic increases. These increases point toward a more than 50% increase in health care cost since 2017. Moreover, this health care inflation is expected to persist and, in light of the already high burden of medical costs on the plan and employees, employers are preparing to absorb much of the increase as they have done in recent years.”. Per BGH, the estimated total cost of care per employee in 2024 is $18,639, up $1,438 from 2023. The estimated out-of-pocket cost for employees in 2024 is $1,825 (9.8%), compared to $1,831 (10.6%) in 2023. Follow Star Benefits to find alternatives in the self-funded market for your clients. star-benefits.com
Star Benefits
Insurance
Austin, TX 681 followers
Rethinking health benefits for small groups.
About us
Star Benefits is a different kind of insurance company. Purpose-built to solve the unique benefits challenges of small groups. We take a fundamentally different approach to traditional offerings, and put the employer back in the driver's seat. Stay tuned for more updates.
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http://www.star-benefits.com
External link for Star Benefits
- Industry
- Insurance
- Company size
- 11-50 employees
- Headquarters
- Austin, TX
- Type
- Privately Held
- Founded
- 2021
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Austin, TX, US
Employees at Star Benefits
Updates
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Upcoming projected increases from The Business Group on Health. The Business Group on Health released its 2025 forecast for employer health costs based on responses from 125 primarily large employers surveyed in June: Highlights: “Since 2022, the projected increase in health care trend, before plan design changes, rose from 6% in 2022, 7.2% in 2024 to almost 8% for 2025. Even after plan design changes, actual health care costs continued to grow at a rate exceeding pre-pandemic increases. These increases point toward a more than 50% increase in health care cost since 2017. Moreover, this health care inflation is expected to persist and, in light of the already high burden of medical costs on the plan and employees, employers are preparing to absorb much of the increase as they have done in recent years.”. Per BGH, the estimated total cost of care per employee in 2024 is $18,639, up $1,438 from 2023. The estimated out-of-pocket cost for employees in 2024 is $1,825 (9.8%), compared to $1,831 (10.6%) in 2023. If you want to find savings and options for your clients, follow our Page.
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Well things happen and we can get frustrated. Today we had a web meeting and roughly 70 people could not get on and many things happened from technology side from the ones that could join. We will grow and learn but cannot tell you how excited this is. We crashed the system with so many people wanting to join in the movement doing what it right and not just what is easy. Come join us next Tuesday and sign up for the session at www.envitahealth.com as we change web systems. Love bringing healthcare care back to health insurance using our 3.0 model!! Star Benefits #change #healthcare #healthinsurance #doingwhatsright
Healthcare Freedom
envitahealth.com
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It's time to thoughtfully reevaluate your employee benefit plan. Times and circumstances have changed from the events of the last four years. These changes need to be reflected in the employee benefits offered to employees. Mental health is certainly one item which keeps coming to the surface. A level funded customized program from Star Benefits might just be your solution for enhancing benefits while containing costs. Jeffrey Sands can help guide your practice to a solution. #dsos #groupdental #grouphealth #dental #groupmedical #adso #medicalpractice
Are we re-evaluating our medical plans with impacts of COVID now showing up? Star Benefits #change #thinkingdifferently #healthcare #healthinsurance
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No surprise -- technology and benefits continue to coalesce, and in many ways are going to impact self-funded plans more than others in 2024. In what ways? The impact of technology on benefit plan administration, the role of data analytics in decision-making, and the challenges and opportunities in self-funded plans. This naturally leads to the importance of customization, employee engagement, and regulatory compliance in navigating the evolving landscape of benefits. https://buff.ly/4b0c3WV #selffunded #levelfunded #healthbenefits
Crossroads of tech and benefits: Navigating self-funded benefit plans in 2024 | BenefitsPRO
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Jeff was right. In 2010, the CBO estimated its added cost to health spending at $1.1 trillion (2010-2019) but its latest estimate is at least $3 trillion for its added insurance subsidies alone, never mind all the other costs. The fact is no one knows for sure what its costs are nor the value of the changes it has induced into the health system. The ranks of those with insurance coverage has been cut in half. Hospitals, physicians, post-acute providers, drug manufacturers and insurers are implementing value-based care strategies and price transparency (though reluctantly) but annual health cost increases have consistently exceeded 4% annually as the cumulative impact of medical inflation, utilization, consolidation and price increases are felt. It is time to self-insure and go level funded because what the government is doing will make your employee benefits unaffordable.
Things to make us all go hmm. We can band together to help bring change. The U.S. is Trending to annually spends over $3 trillion, and healthcare, constituting approximately 20% of our GDP, is riddled with waste, operational inefficiencies, and often a lack of access to technology. The U.S. allocates a larger share of its economy to healthcare, almost double the average of the Organization for Economic Cooperation and Development (OECD) countries. Despite this, the U.S. exhibits a lower life expectancy than the OECD average, standing at 77 years. This places the U.S. at a disadvantage compared to other developed nations in terms of life expectancy. It's time for a change! *https://lnkd.in/dUFji9ud Star Benefits #change #nextgen #doingwhatsright #healthcare #healthinsurance
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2024 will be a great year to bring change. Who is in it with us?
Things to make us all go hmm. We can band together to help bring change. The U.S. is Trending to annually spends over $3 trillion, and healthcare, constituting approximately 20% of our GDP, is riddled with waste, operational inefficiencies, and often a lack of access to technology. The U.S. allocates a larger share of its economy to healthcare, almost double the average of the Organization for Economic Cooperation and Development (OECD) countries. Despite this, the U.S. exhibits a lower life expectancy than the OECD average, standing at 77 years. This places the U.S. at a disadvantage compared to other developed nations in terms of life expectancy. It's time for a change! *https://lnkd.in/dUFji9ud Star Benefits #change #nextgen #doingwhatsright #healthcare #healthinsurance
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Star Benefits reposted this
Health: Crafted and Navigated by Doctors, Experts in Personalized Medicine. We are thrilled to unveil a groundbreaking transformation in healthcare insurance, marked by the integration of cutting-edge personalized medicine and technology at its core. This innovative shift not only empowers patients to lead longer, healthier lives but also enables employers to exercise transparent management of their health plans, fostering improved outcomes and advanced technologies—all achieved with a simultaneous reduction in costs. Lose nothing and gain everything! Star Benefits #Thinkingdifferently #nextgen #healthcare3.0 #doingwhatsright #healthcare
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Health: Crafted and Navigated by Doctors, Experts in Personalized Medicine. We are thrilled to unveil a groundbreaking transformation in healthcare insurance, marked by the integration of cutting-edge personalized medicine and technology at its core. This innovative shift not only empowers patients to lead longer, healthier lives but also enables employers to exercise transparent management of their health plans, fostering improved outcomes and advanced technologies—all achieved with a simultaneous reduction in costs. Lose nothing and gain everything! Star Benefits #Thinkingdifferently #nextgen #healthcare3.0 #doingwhatsright #healthcare