Press release submitted on behalf of AMBA.
Indianapolis, IN – The American Mold Builders Association (AMBA), Indianapolis, IN, has announced the release of its 2024 Health and Benefits Report. Inclusive of data across plastics processors, mold manufacturers and rubber products manufacturers, this compilation reports on the state of healthcare and benefits in the American manufacturing sector, specifically focusing on the rising costs and challenges faced by employers in providing affordable healthcare benefits to their employees.
Participants in this year’s study included over 192 manufacturers who reported on healthcare and ancillary benefits details offered by their organizations. On average, overall healthcare plan costs per participating employee rose approximately eight percent from 2022 to 2023, placing a significant financial burden on smaller employers and forcing them to look towards cost-cutting measures in other areas of business.
To mitigate rising healthcare costs, employers are becoming more strategic in how their healthcare plans are offered to employees. For instance, more companies are implementing high-deductible healthcare plans, offering wellness programs and/or are changing funding platforms to gain control of their healthcare spend. This survey also noted the rise in alternative healthcare delivery models, such as telemedicine and on-site clinics.
In addition to healthcare-specific data, this report also gathered information on benefits offerings, including dental and life insurance coverage, 401K retirement plan details, tuition reimbursement, maternity and paternity leave and more.
For the first time, AMBA correlated healthcare costs, program changes and trends with whether companies are self-insured/level-funded or fully insured. Although fewer companies are self-insured, self-insurance allows companies to have more control over their healthcare costs, customize their plans to meet the needs of their employees, manage their cash flow, gain insights from claims data, and have more autonomy in plan design and administration. However, self-insurance may not be suitable for all companies and requires careful risk assessment and financial stability. Consulting with experts is recommended when considering self-insurance.
For more information on the AMBA 2024 Health and Benefits Report, visit AMBA.org. The publication is now available at $119 for members ($219 for non-members). Additionally, AMBA also has developed a solution to help its members control rising healthcare costs through its CAPTIV8 program. For more information on this program, contact Susan Denzio at sdenzio@amba.org.
About the AMBA
The American Mold Builders Association (AMBA) is the only organization dedicated to elevating the competitive advantage of U.S. mold builders. AMBA provides workforce development initiatives, networking, benchmarking opportunities and industry promotion. AMBA members receive a variety of additional benefits, including access to cost-reduction programs, visibility to mold buyers and problem-solving resources that give members a competitive advantage. To learn more about AMBA membership and ongoing initiatives, visit www.amba.org.
For media inquiries, contact Rachael Pfenninger at rpfenninger@amba.org.
