US Benefits Platform Consolidation & ICHRA Surge

Major M&A activity: UnitedHealth paid $3B for Alegeus (HSA/FSA admin), Principal acquires Beam Benefits, Hartford acquires Equitable's non-medical biz. Small businesses dropping health insurance (42%) and public sector cost concerns rising. Disney cuts benefits for performers. ICHRA adoption among large employers more than doubled YoY, now over 20K businesses; employee behavior shows active buying, creating navigation gap; state policy momentum (NCOIL model) signals sustained growth. Consolidation and cost pressures reshaping the US benefits landscape.