ASE Releases Results to the 2024 Health, Welfare and Retirement Plans Survey Results
Troy, MI – September 20, 2024 --- ASE, one of the nation’s oldest and largest employer associations, has released its 2024 Health, Welfare, and Retirement Plans Survey. The annual survey of Michigan-based employers assesses employer-sponsored health and welfare plans ranging from employer provided medical coverage to retirement plans.
Highlights of the ASE 2024 Health, Welfare, and
Retirement Plans Survey include:
- A majority of the participants (67%) reported
offering two to three types of health plans.
The most utilized plan type continues to be Preferred Provider
Organization Plans (PPO) with 86% of companies offering this option.
- An analysis of employer contributions to
health premiums shows that the majority of employers cover 80% of the premium
for employee-only coverage, consistent with previous years' results.
- 40% of the participants report self-funding
their health plan, which is two percent more than last year. Conversely, 70% of large companies (those
with 500 or more employees) reported being self-funded, which is 5% less than
last year.
- Once again, the number one cost saving strategy that employers planned to implement is to increase education regarding health plan features and costs (26%). Implementing or expanding wellness programs (26%), changing providers or administrators (23%), and increasing the employee’s cost share (21%) top the list of strategies that companies are considering but have yet to set a timeline for.
- Participants reported that the anticipated
median plan rate increase for 2025, following plan changes, is 7%.
- The survey also gathered data on retirement
plans, revealing that 94% of employers offer 401(k) or 403(b) options. Slightly
more than half provide this benefit either immediately upon hire (29%) or after
one month of employment (22%).
The ASE 2024 Health, Welfare and Retirement Plans Survey findings were announced by ASE President and CEO, Mary E. Corrado. “The survey provides a comprehensive overview of the current state of Health and Welfare benefits, offering an exhaustive look at the strategies employers are adopting to manage rising costs. Our findings reveal that many organizations are increasingly shifting the financial burden to employees, often through higher co-pays, deductibles, and premiums. However, employers are also exploring more structural solutions, such as transitioning to High Deductible Health Plans (HDHPs), implementing wellness programs, leveraging telemedicine, and renegotiating pharmacy benefit contracts. These combined efforts reflect a multifaceted approach to controlling costs while still offering competitive benefits packages.”
This survey is available at no cost to ASE Member survey
participants via the ASE
Survey Library. It is available for $225 for member non-participants, $825
for non-member participants and $1,650 for non-member non-participants. Request to purchase here.
Background information on the ASE 2024 Health, Welfare
and Retirement Plans Survey
222 organizations from across Michigan participated.
Organizations with 50 to 499 employees nationally made up more than 58% of the
survey sample, while organizations with more than 500 employees nationally
represented 27% of the sample. The remaining 15% of the sample came from
organizations with fewer than 50 employees nationally. A variety of industries have been represented
in the survey, with durable goods manufacturing (41.4%) leading the pack.
Trades and services (28.8%) were the second-largest industry representation.
About ASE
ASE is employers trusted partner for Everything HR. ASE is a non-profit, membership organization – everything we do is based on the needs of members and to drive the success of their organizations and help them THRIVE. ASE strengthens organization's HR departments
by offering member benefits and discounted services that span the entire
employee lifecycle including recruitment, development, and retention while
minimizing compliance risk. We provide our members guidance through new
legislation and workplace issues. Learn more about ASE at www.aseonline.org.
