More than half of Americans under the age of 65 receive health insurance through their employer. Still, employers, in general, should consider diversifying their health benefits to improve employee satisfaction and retention, according to a new report from SureCo, an Individual Coverage Health Reimbursement Arrangement (ICHRA) administrator. 

SureCo’s 2024 State of Employee Health Benefits report surveyed employees, HR and finance leaders, and benefits consultants at companies with 150–2,500 employees and discovered these key findings: 

• Eight in 10 employees would prefer to select their plan from all available options instead of a company’s few options.
• One-third (38%) of people are looking for a job with better benefits.
• Roughly half (47%) of employees have considered seeking alternative health insurance benefits outside of their employer’s offerings.
• Half (49%) of workers avoided or delayed preventive care or medical treatment due to concerns that it wouldn’t be covered.
• Nearly half (42%) of employees said they would rather receive better health insurance than have a raise this year.

Employees responded that the health insurance factors that matter the most are the costs of premiums, deductibles, and copays; the services covered (e.g., mental health, fertility treatment, weight loss medication, and gastric bypass); and in-network providers and facilities.

The traditional one-size-fits-all approach to benefits may no longer work. Today’s workers want more than just the basics for health benefits; they want choices and flexibility to address their healthcare needs. 

Employers may be challenged to provide more options while keeping costs in check. With this in mind, SureCo recommends that employers consider alternative models for providing benefits.

Our team of employee benefit consultants can assist you in building a competitive benefit strategy that meets the needs of your employees and your bottom line. Contact us today for more information.