2024 Benefits Year in Review

International Foundation of Employee Benefit Plans [IFEBP]

The end of 2024 also means an exciting, new end-of-year podcast from the Talking Benefits team! We recapped the top six benefits biggies from the past year and gave our predictions for what’s ahead, especially considering the new administration under President-elect Trump.

Big developments in 2024 include the following.

GLP-1s, or glucagon-like peptide-1 drugs. The use of GLP-1s for diabetes treatment and weight loss has expanded. Data from the Foundation this year indicated an increase in employers providing coverage for GLP-1s for diabetes only, and for both diabetes and weight loss. The general trend is that plans understand the potential benefit of these medications but are concerned about cost. Tune in to this episode to learn more about how employers are combating escalating costs.

1. Cybersecurity. The DOL issued an update this past December, and we discussed cybersecurity guidance, particularly how expanding the guidance now impacts all ERISA plans, including health plans. Learn more about what best practices involve during the episode.
    
2. Family-forming benefits. We took a closer look at these benefits—any that assist workers in starting or growing a family—and focused on eligibility and access to fertility benefits based on definition. In 2024, new actions were taken because the updated definition broadened the scope of individuals affected by infertility, marking a first step in expanding care access.
    
3. Loper Bright v. Raimando. This U.S. Supreme Court decision, commonly known as “the Chevron case,” stirred up the question of the legality of the Chevron doctrine, which has been the underlying framework for administrative law for 40 years. The Loper Bright decision overruled Chevron, and we chat more in the episode about what this means for our benefits world.
    
4.  Flexible work arrangements. This trend continued to dominate in 2024, sustaining growth as a benefit offering. Employers were most commonly providing hybrid and remote work arrangements, plus flexible work hours/flex time.  
    
5. Mental health parity. We discussed the long-awaited final rule released by the tri-agencies in September to implement the Mental Health Parity and Addiction Equity Act (MHPAEA). The final rules are lengthy and complex, and we did our best to summarize during the episode.

The rest of the episode covered predictions for 2025 based on President-elect Trump’s possible reversal of Biden-era regulatory changes. We talked retirement plan regulations, the possible return of alternative health plans, workplace regulations that could be reversed or weakened, IVF coverage, the Tax Cuts and Jobs Act, state paid family and medical leave laws, and prescription drug cost management.

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