Health Insurance Cost Projection: 6.8% Increase Projected for 2023

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Health Insurance Cost Projection: 6.8% Increase Projected for 2023

Health Insurance Costs for 2023 are projected to be up 6.8% in 2023 in the US according to a survey of insurers. Medical cost trends include both utilization increases and price increases. The top 3 conditions (excluding maternity) in terms of cost, globally, are cancer, musculoskeletal, and cardiovascular disorders. Mental health conditions took the fourth position. Rates of increase are compared with Europe and across other world regions. Europe is expecting an 8.6% medical trend next year (varies by country). Russia’s medical trend is projected at 14%; China’s at 9%. Estimates for medical trend costs for 2021 and 2022 are shown for each country. Telehealth was again identified as one cost management strategy. Global Medical Trends Survey is published by Willis Towers Watson, October 2022.