BOSTON, May 07, 2025 (GLOBE NEWSWIRE) -- Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, today released the findings of its Annual Student Health Plan Benchmarking Survey. For the fourth consecutive year, managing student health plan costs remains the top priority for nearly 90% of educational institutions surveyed.
Conducted midyear 2024, the survey of approximately 170 colleges and universities showed an overall average plan cost rise of 7.1% with schools in the survey’s Eastern region seeing increases of 10% or more. Other regions surveyed experienced more moderate hikes of 5% or less. The survey also noted a decline in enrollment in student health plans, from 29% in 2023 to 24% in 2024.
“While student health plans are generally more stable in cost than employer-based plans, they are not immune to larger pricing trends,” said Terry Lyons, National Education Practice Leader, Risk Strategies. “Our survey shows the higher education industry is working hard to manage the issue and meet student needs.”
To address rising costs, 32% of schools indicated that they had adjusted medical benefits offerings, and 18% said they had modified the prescription drug coverage offered in the plan. The most common changes included:
- Higher copays and deductibles, with the average deductible increasing from $300 to $360
- Shifts from copays to coinsurance for specialty drugs, rising from 12% to 27%
- Increase in insurance verification for waiver/opt-out enrollment
“With plan costs increasing and enrollments in those plans declining, we see institutions working to find new ways to engage their students about the value of plan coverage,” said Elizabeth Marks, Senior Strategy Consultant, Student Health, Risk Strategies National Education Practice. “Clarifying plan benefits and emphasizing affordability will likely be key elements of this effort.”
In other findings from this edition of the survey, mental health remained an important focus, though it ranked fourth nationally as a priority (76%) – lower than in previous years. It does remain, however, a leading priority for small schools (88%) and institutions in the East (91%). The survey also indicated that more schools (89% in 2024, up from 74% in 2023) are offering wellness programs, though smaller institutions face resource constraints.
To access the full results of the survey, please click here.
To learn more about Risk Strategies, please visit risk-strategies.com.
About Risk Strategies
Risk Strategies, part of Accession Risk Management Group, is a North American specialty brokerage firm offering comprehensive risk management services, property and casualty insurance and reinsurance placement, employee benefits, private client services, consulting services, and financial & wealth solutions. The 9th largest U.S. privately held broker, we advise businesses and personal clients, have access to all major insurance markets, and 30+ specialty industry and product line practices and experts in 200+ offices - Atlanta, Boston, Charlotte, Chicago, Dallas, Grand Cayman, Kansas City, Los Angeles, Miami, Montreal, Nashville, New York City, Philadelphia, San Francisco, Toronto, and Washington, DC. RiskStrategies.com.
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