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I just tested one more time since I had finally upped my ego's social from 21->22.
My mp went from 418->350, which is 68 points.
Since the base MP cost of Party Healing, at rank 1, is 80, this shows ~15% reduction in cost.
Likewise, regular Healing, at rank 1, takes 40 MP to cast, base, but my MP goes from 418->384 which is 34 MP, or ~15% less than base.
Last social level the reduction was at ~12.5% so it's definitely gaining MP reduction.
But speaking of non-elemental wand egos, does anyone have any info on if Combat wands reduce MP consumption on spells, or not?