“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it” — Ferris Bueller

Isn’t that popular “Ferry Bueller” quote the truth?! We are days away from flipping the calendar from 2024 to 2025, and I can’t help but wonder, how did this year fly by so fast?

Growing up, my grandmother always commented on how quickly time went by and would say, “we must pause to cherish the special moments in life, but we can’t forget that tomorrow will come, and we need to be ready for whatever comes our way.” She was right.

As everyone reflects on 2024, I am certain there were many moments we all savored and wished time would pause on. However, tomorrow always came, and each day likely brought about new memories, interactions, opportunities, and/or challenges. 

The same can be said for the ever-evolving Employee Benefits landscape. Many of the employers we work with have recently completed their open enrollment — as a new year also means a new plan year for their benefits program. This past year brought about an ongoing focus on the rising costs for companies, while continuing to explore competitive plan options to meet the needs of their workforce. There were regulatory changes, economic pressures, and technological advancements that impacted programs, and 2025 is looking to be the same — bringing changes, opportunities, and the need for constant attention.

In this blog, I’ve outlined four areas we anticipate requiring the most consideration. Take a look.

Pharmacy

With employers seeing their pharmacy costs now represent 25 percent (and growing) of their overall spend, they continue to look for ways to control this pressing concern.

New drugs continue to be introduced, and according to Citeline, the drug pipeline is expected to include over 60 key launches that include 35 drugs considered to be “practice changing.” With these new drugs hitting the market, biosimilars emerging, increased GLP-1 usage, and expanded indications, you’ll want (and need) to stay abreast of the best options for your plan and membership.

Preventive Care

With the rising trends in healthcare, one of the continued focuses will be on preventive care. It has been proven that early detection is key and can have a significant impact on the treatment, outcome, and cost. Whether it’s screenings, wellness offerings, or other preventive health measures, you will want to amplify your efforts to create strategies to improve and prioritize your employees’ health and engagement.

Mental Health Initiatives

For the past several years, especially after the pandemic, the focus on offering and enhancing mental health benefits has been at the top of the list for employers, and it will be no different in 2025. The importance is undeniable, and employers and healthcare providers are investing more resources to best support employees and their families’ unique needs. If this isn’t something you’re focused on now, you may want to set aside some time to look at your plan and how you can address this known employee need.

Compliance

With President-elect Trump taking office, the chance of regulatory changes that impact workplace policies is likely. In fact, we have seen election years bring significant shifts to labor laws, healthcare regulations, and tax policies that impact employers and their benefits programs. With these potential changes also comes the need to ensure compliance with the new regulations through implementation and proper communication to employees. Do you have a plan in place to ensure you’ll be able to comply with what may be ahead of us?

Holmes Murphy Can Help

I know 2025 is going to fly by just like 2024 has. Every day will bring new moments, opportunities, and challenges. Be sure you’re continuing to seek innovative solutions to meet the changing needs of your workforce and looking for ways to be a differentiator for attracting talent.

At Holmes Murphy, we are committed to supporting you as you optimize your employee benefits strategy and identify ways for you to stay competitive while managing costs effectively. Our goal is to ensure you understand what trends are emerging in the market and how change can impact your workforce and bottom line.

We’re also here to understand, assess, and help you implement strategies should any new compliance changes be issued. Whatever 2025 brings, we will be there for you, just reach out.