Benchmark your Health Plan, know your numbers
What did you notice about your plan this year? Is everything anecdotal, or is it factual? Is your plan a tool to recruitment or a band-aid of acceptability? Who chooses your plan and who goes elsewhere?
We see most employers offering at minimum two health plan offerings, with many employers offering three or more health plan options. Within these multiple options, we have seen a growing movement to shift enrollment and engagement. There are easy ways to figure out where you stand in comparison to other companies in your industry, in your region, and within your employee size. We, of course, have resources and turn-key reports we can facilitate and customize for you, but there are also ways to compare your data against independent reports such as the Kaiser Family Foundation for some unbiased/uncompensated indicators.
Did you know that in 2020, if you are an employer offering a health plan in the south, employing between 3 to 199 employees that you are likely to spend $604.50 per month for health coverage on a single employee? And that if you are a retail industry, that number is likely $15 more? Or better yet — that your competitor is likely setting their payroll deduction cost for their plan right around $41.15 per bi-weekly pay period? Again, this is extremely useful information as you prep for your upcoming plan renewal and the Open Enrollment communication. It can even help you craft your messaging if you are exceeding industry norms. Download our Benefits survey to see the latest research. These are updated every year right after the new year starts, and check back for a new update in February 2023. Or, again check out Kaiser Family Foundation’s interactive chart and do a little independent research.
This is where your data becomes the most important. You need the history of your plan’s enrollment. Using your employee’s past tendencies will predict more of their future purchasing behavior than any other indicator.. When launching a Consumer Directed strategy like an HSA or HRA style plan, you need to have a reasonable idea of the expected participation. If you have a plan with great value but no participation, is the communication message correct? Does it just need a better marketing name or does it need more explanation? And, can your employees use more help choosing which plan to choose? More personal counseling, more self-help decision tools. more plan evangelism from HR?
Bret started Generous Benefits in 2019 after 20 years of working inside the Employee Benefits industry with the goal to create a company that focused on improving communities through benefits. And the term Generous was no mistake, as Bret thinks in terms of broad scope ideas, processes, and technologies that can improve a person's life or the community as a whole. With this idea that Generous Benefits weren't just your typical checklist of commonplace insurance or wealth savings plans, but that a benefits package has room to be stretched, tailored, and curated to make a desirable long-term impact.
Bret also spends time coaching other insurance agencies with Q4Intelligence and participates with thought-provoking communities like Health Rosetta and the Free Market Medical Association to help expand his understanding and learn from others.