2023 Health Insurance Rates Rose for Most U.S. Employers

New data released by employer health insurance platform SureCo has revealed that 81% of U.S. employers who participated in its 2024 State of Employee Health Benefits survey saw health insurance renewal rates increase for 2023.

Thousands of U.S. employees, human resources managers, finance leaders, and benefits consultants took place in SureCo’s January 2024 survey, which found that most businesses (63%) saw rate increases in the 5–15% range, although some hikes of more than 50% were also reported.

Surveyed benefits consultants noted that their clients were either unhappy with renewal rate increases and/or were forced to make a plan design.

“We’re a healthcare company with talent all over the country, and our previous group plan options were not sustainable both from a cost standpoint and an employee retention standpoint,” Carine Carmy, co-founder and CEO of Origin, a home healthcare provider, stated in the report. “We needed to make a bold change.”

The survey also discovered these additional key findings:

• 59% of employees would leave their current company for one with better health benefits
• 38% of people are looking for a job with better benefits
• 47% of employees indicated that they’ve considered seeking alternative health insurance benefits outside of their employer’s offerings
• 49% of workers indicated that they had avoided or put off preventative care or medical treatment due to concerns that it wouldn’t be covered
• 42% of employees said they would rather get better health insurance than a raise this year
• 85% of companies have changed healthcare carriers or plan designs at least once over the past five years.

Click here to check out the complete report.