How To Cut Costs On Health Insurance

Geography: United States Source: United Benefit Advisors Date: April 2016 Findings: 50% increase in employees median out-of-network deductibles over the last five years. 200% increases in median in-network single deductibles. 33% increase of the median in-network deductible and the out-of-network deductible increase was a whopping 75% in just five years. Recommendation: Providing health-insurance benefits is key to employee retention, […]

How to Manage Higher Health Insurance Costs

Geography: United States Source: United Benefit Advisors Date: April 2016 Findings: 48.9% of prescription drug plans utilize three tiers (generic, formulary brand, and non-formulary brand); 4.3% retain a two-tier plan; and 44.1% offer four tiers or more. 58.1% increase ,over the last two years, of the number of 4+ tier plans, making this a rapidly growing strategy to control […]

Millennials Are Looking For Ways To Stay Healthy

Geography: United States —Research Source: Nielsen —Date: March 2016 —Findings: 33% of Millennials are classified as obese, which is slightly below the national average. And, 28% smoke cigarettes, which is 7% higher than the national average. 69%  of Millennials are interested in programs to help to make healthier choices like massage therapy, health assessments (22%), weight management (59%), lifestyle […]

Millennials Are Suffering From The Lack Of Insurance

Geography: United States —Research Source: Nielsen —Date: March 2016 —Findings: 34% of younger Millennials and 27% of older Millennials are uninsured – higher than the overall average of 25%. 33% of young Millennials are benefiting from Health Care Reform changes allowing them to participant in their parents’ health insurance until age 26 Recommendation: Many Millennials are still uninsured […]

Fighting Rising Medical Expenses

Geography: Global —Research Source: Aon Hewitt —Date: February 2016 —Findings:  64% of respondents reported high blood pressure as giving rise to adverse claim experience around the world. Not far behind were obesity (44%) and high cholesterol (41%). 75% of respondents stated the most impactful element of medical plan costs around the world are hospital costs, clinics/labs (49%), and Physician […]

2016 Global Medical Highlights

Geography: Global —Research Source: Aon Hewitt —Date: February 2016 —Findings:  The 8 .75% global average medical trend rate of was 5.5 percentage points higher than the average inflation rate of 3.2% in 2015. 5.5 percentage points difference between the average medical trend rate of 9.1% and the average general inflation rate of 3 .6% is expected in 2016. 67% […]

Companies Outsource Benefits To Keep Down Costs

Geography: United States —Research Source:  Foundation of Employee Benefit Plans (IFEBP) —Date: January 2016 —Findings:  33% of companies experienced an increase in benefits outsourcing over the past two years. The top reason companies outsource is to tap into more specialized expertise (47.8%), especially around legal compliance issues. 40 of benefits functions are being outsourced by companies, most commonly for: Employee […]

Employee Benefits Remain Strong Through Outsourcing

Geography: United States —Research Source:  Foundation of Employee Benefit Plans (IFEBP) —Date: January 2016 —Findings:  Almost 30% of companies dedicate staff primarily for benefits communication and 34% dedicate staff primarily for wellness programs, the survey revealed. 73% of respondents said they are optimistic about the future of benefits careers. Recommendation: Despite the rise in outsourcing, benefits departments are growing […]

2016 Health Costs Forecast to Rise 4.3% After Plan Changes

Geography: United States —Research Source: HR consultancy Mercer —Date: January 2016 —Findings:  4.3% on average increase of health benefits cost per employee for U.S. employers in 2016 their  —larger than then 3.8 percent increase they reported for 2015.  5.9% increase of health care costs on average among employers with 10 to 499 employees, but by just 2.9 percent among those […]

Quality Of Benefits Directly Correlates To Level Of Satisfaction

Geography: United States —Research Source: The Employee Benefit Research Institute (EBRI) —Date: January 2016 —Findings:  22% of workers report they have accepted, quit, or changed jobs because of the benefits, other than salary or wage level, that an employer offered or failed to offer. 14% of workers report being extremely satisfied with the benefits package offered by their employer, […]