Towers Watson’s 2014 Employer Survey on Purchasing Value in Health Care surveyed 379 companies and found that most employers will be fine-tuning employee benefits in the coming years in order to control the costs of benefits.
The results of the survey only strengthen the general consensus in the health insurance industry that things are changing.
Many are worried by this change, but the truth is that it creates a huge opportunity for brokers and agents.
The survey found that “in spite of all their concerns about cost, 98% of employers remain committed to providing subsidized health care benefits to active full-time employees, at least for the short term.”
This means brokers are still important, but simply a group plan isn’t enough. Brokers and agents will need to change what they offer.
In the survey, these companies noted that in the next few years, they were likely to:
- Adopt new technology solutions;
- Adopt Exchange-based benefit options;
- Establish direct cost arrangements;
- Offer action-based incentives;
The great part of this is that brokers and agents can turn to a fast solution, ready to sell: Benefit Credits.
Benefit Credits is a solutions for groups under 50 full time employees who are dropping group coverage. There are four reasons why this is a solution for modern employee benefits:
- It offers a new technology system, and online marketplace, that offers a paperless and simple solution to enrollment;
- Employees can shop and enroll in plans on private or public exchanges. Some may even qualify for a subsidy;
- The employer controls cost by designating a certain dollar amount per employee to spend on their marketplace;
- If the employer chooses, they can incorporate other benefits and incentives, like a gym membership reimbursement, or pet insurance.
Ready to offer your groups the solution they need? Contact us at [email protected] to learn more now.