Global healthcare benefit costs could jump 10% in 2023, survey finds

According to results from the 2023 Global Medical Trends Survey, a survey of global medical insurers conducted by the multinational insurance advisor company Willis Towers Watson Public Limited Company (WTW), widespread inflation and increasing use of health care together are projected to drive benefit costs to their highest levels. Additionally, three-fourths of insurers (78%) expect a higher or significantly higher increase over the next three years.

“Worldwide general inflation, overall instability in the global economy, increased healthcare utilization in the wake of the pandemic and a dynamic labor market require employers and insurer to think and act differently to address these issues in a meaningful way,” Eric McMurray, global head of Health & Benefits at WTW, said in a press release. “Old solutions will not work. Cost shifting is not an option. There’s a critical need for innovation, strategy and new solutions to have any substantive impact. Those that don’t lead will fall behind in their ability to manage cost and retain key talent.”