What is the current state of the health benefits market? ADP’s Christopher Ryan, Vice President for Strategic Advisory Services, highlights the current state of the health benefits market according to ADP’s Annual Health Benefits Report.
With the labor market transitioning to accommodate for the influx of millennial workers, the health benefits market is also coming to terms with these changes. Combined with broad changes to health benefits in recent years after the adoption of the Affordable Care Act (ACA), many employers have re-assessed their coverage plans. While many employees have opted into traditional coverage plans, many now look to health savings accounts (HSAs) as a solution.
Overall, the data in this year’s report suggests that employer-provided health care plans in the large employer market are stable. Seventy-six percent of those eligible chose to purchase benefits in 2016, and employers are effectively adjusting to changes mandated by the ACA.
To learn more, read: Stable, steady, and single: The state of the health benefits market