employees due to the effects of inflation, increased health care costs and widespread debt. This stress can also lead to or exacerbate mental health concerns, and employers in 2025 will be looking for ways to support their workforce. In addition to focusing on wellness, it’s worth noting that, following the 2024 election and the return of the Trump administration, employers are keeping their eyes out for imminent changes to the health care system. It remains to be seen whether Trump and the Republicans will renew the Affordable Care Act (ACA) subsidies passed through the Inflation Reduction Act. Nonrenewal of these subsidies, which are set to expire at the end of 2025, could lead to premium increases and decreased enrollment. Potential changes could also occur to Medicare and Medicaid, which could influence employer decisions regarding retiree health benefits and supplemental coverage options for those enrolled. Additionally, employers will be eager to see how Trump’s platform will impact reproductive rights and family policies. Other regulatory impacts of note for 2025 relate to health care transparency and telemedicine. New requirements to increase transparency in health care costs are being implemented to lower costs and improve the quality of health care. With regard to telemedicine, unless legislation is passed to further extend pandemic-related telehealth relief, offering telemedicine benefits (other than preventive care) at no or low cost will make employees ineligible to contribute to health savings accounts (HSAs) beginning in 2025. This could be a concern, as telemedicine remains a popular health care delivery method that can help reduce health care costs, improve employee access to quality services and provide convenience for those seeking care. As employers read this Market Outlook, they should consider which trends have the greatest potential to impact their operations moving forward. Doing so not only allows you to anticipate and adapt to the evolving employee benefits market, but it can also help you make informed decisions about benefits offerings, cost management strategies and more. 4