As Open Enrollment Nears, More Employees Voice Cost Concerns

​Ahead of open enrollment, employees are preparing for a rise in their benefits costs in 2024, with more worrying about increased costs this year than last, when inflation was red-hot.

A new survey from financial services firm Voya finds that a majority (79 percent) of working Americans strongly or somewhat agree that they are worried their workplace benefits will cost them more this open enrollment season because of inflation. That’s an increase from 66 percent in June 2022, when inflation was at its peak.

“While inflation has moderated, many individuals are still experiencing strain from elevated prices,” explained Nate Black, vice president of health solutions product development at Voya. The survey also found that 88 percent of individuals feel their money does not go as far as it used to. “Understandably, many have concerns heading into open enrollment when it comes to what it might be costing them this year,” Black said.

Workers’ concerns may be justified, as Voya’s findings come on the heels of several reports predicting increased health care costs next year. Professional services firm Aon reported that average costs for U.S. employers that pay for their employees’ health care could increase 8.5 percent to more than $15,000 per employee in 2024, while the International Foundation of Employee Benefit Plans (IFEBP) found that U.S. corporate employers project a median health care cost increase of 7 percent for 2024.

“What we’re seeing is certainly the impact of…