Health Insurance and Medical Costs Are Set to Surge Again in 2024
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As open enrollment season officially comes to an end, folks with private health insurance — especially through their job — could be in for some sticker shock.
Costs for workplace health plans in 2024 are expected to spike over 6%, according to recent surveys from consulting firms Mercer and Willis Towers Watson (abbreviated WTW). A jump of that size amounts to one of the biggest increases in a decade and follows a major increase in health care costs in 2023.
Mercer’s survey found that health plan costs could jump by 6.6% this year, assuming employers make no cost-cutting changes to their current plans. And even if they do take steps to cut costs, the increase is expected to be 5.4% on average. Similarly, in survey results shared with Money in September, WTW found that health insurance costs are expected to rise between 6% and 6.4%.
