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Benefits Planning Expert, FBMC, Predicts 2023 Trends for Businesses of All Sizes

HR Tech Outlook | Wednesday, January 11, 2023

Tallahassee, Fla. – In the ever-changing benefits planning landscape, FBMC Benefits Management, Inc., a Florida-based healthcare and benefits consulting company with more than 40 years of experience, breaks down the top three trends to expect in 2023. Through an analysis of the changes brought on post-COVID, industry expert FBMC predicts a heavy focus in the areas of affordable healthcare, family friendly benefit offerings, and personalized voluntary benefits.

“As an employee-driven labor market with rising healthcare costs continues to trend, it's crucial to find a way to offer employees meaningful benefits while also protecting your company’s budget," said Kyla Heap, VP of Growth Resources at FBMC.

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Offering robust benefits packages allows companies that improved their benefits package to attract new talent more easily while remaining competitive in fierce job markets. Through reevaluating traditional benefits and introducing unique, voluntary offerings, companies appear more appealing and can differentiate themselves from their competitors. This is critical in the age of the “Great Resignation.”

Trend 1: Affordable Healthcare

It is no surprise that there is a direct correlation between health and happiness. Companies that invest in robust and flexible healthcare have seen success in retaining employees. Employers are placing a greater emphasis on providing more affordable and accessible healthcare coverage options as they plan for 2023. Some companies are even going as far as covering 100 percent of healthcare premiums to ensure their employees are protected against the projected five percent increase in cost in 2023.

Likewise, companies are making room for preventive care options within their benefits matrix. This includes genomic testing, colonoscopy alternatives, early-detection blood tests, reimbursement for travel costs, and extra PTO days for annual wellness exams. Other trends in health, including an increase in late-stage cancer diagnoses, are similar impacting health care offerings: 50 percent of employers report that they will cover centers of excellence for cancer treatment in 2023.

Thirteen percent of respondents in a recent study say they are already seeing more late-stage cancer diagnoses, and 44 percent anticipate that they will begin to see more in the future.

Trend 2: Family-Friendly Benefit Offerings

With a higher demand in workforce and priorities being redefined by COVID, family-friendly options such as paid family leave, childcare help, fertility assistance, and more are trending benefits to offer.

Family planning and reproductive benefits are a priority for many employers going into 2023 as companies look to maintain or increase their spending in this category. These specialized offerings may include high-risk pregnancy support, lactation support, preconception family planning, postpartum support, pregnancy loss support, and menopause support.

Trend 3: Personalized Voluntary Benefits

“With five distinct generations in today’s workforce, employers are challenged with delivering benefits that resonate with each group. One size does not fit all.” says Heap. Providing an assortment of alternative benefits gives employees the opportunity to customize their package, and helps employers appear attuned to the unique needs of different demographics. Benefits may range from travel expenses, pet care, tuition reimbursement, student loan financing assistance, education continuation, supplemental life insurance, to individual disability insurance. By addressing individual expectations, employers can boost morale and reinforce a positive corporate culture.

Beyond the expanded menu of choices, employers can also benefit by offering employees the ability to opt in or opt out of offerings. For example, working parents might appreciate childcare benefits particularly as childcare prices have increased by 41 percent over the past two years. Meanwhile, pet parents have shown an elevated interest in pet insurance, with 56 percent opting into the option in 2022 - a 22 percent increase from 2020.

The world of employee benefits is changing rapidly. FBMC’s team helps companies ensure their employees have access to the benefits needed to succeed both in and out of the workplace. For more information about FBMC Benefits Management, Inc., please visit www.FBMC.com. 

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