The health insurance industry continues to evolve, as insurers strive to best meet changing member needs and provide a holistic member experience. Now, as many health plans aim to grow their Medicare Advantage business, the ability to effectively deliver on these initiatives has become a key differentiator. According to the Kaiser Family Foundation, there are 3,998 Medicare Advantage plans available for the 2023 enrollment period. On average, a Medicare beneficiary can choose from 43 Medicare Advantage plans, compared to just 20 plans five years ago.

The health insurance industry is facing a number of unknowns while continuing to evolve in the pandemic’s wake. Our team has frequent conversations with health insurance leaders across the country, keeping a pulse on how they are preparing for the unexpected, while accommodating the needs of both their employees and members. Below are a few key areas that are on our radars as we approach the second half of 2022.

Health insurers are facing a turbulent labor market with complexities caused by vaccine mandates and government regulations, a tightening employment landscape and the implications of “the Great Reshuffle.” Our team talks with health insurance leaders on a regular basis, keeping a pulse on what is impacting the talent marketplace. Below are the pressing topics and trends we’ve been discussing as the industry continues to adapt to the pandemic’s ongoing effects.

The healthcare industry is complex and rapidly changing. New regulations, cultural shifts, legislature, technological advancements, patient needs and more have created a dynamic environment primed for ongoing opportunities and challenges. Our dedicated health team is heavily embedded in the health insurance community, regularly speaking with clients about their human capital needs. 

Healthcare professionals and their patients are retiring at an alarming rate. In fact, there will be more than one million openings for registered nurses by 2024 - twice the rate seen in previous shortages. Meanwhile, there will be a 55 percent increase in number of Americans aged 65 and older who seek additional care over the next two years. However, nursing school enrollment is not increasing fast enough to meet this projected demand and lack of nursing school faculty is preventing larger program enrollments.