Biggest Concern in Benefits: Managing Health Care Costs

March 15, 2012 12:19 pm Businessolver Banter, Industry News

Hold on to your seat: managing the cost of providing health care to employees is the biggest challenge facing employers in today’s corporate climate. This response was the number one reply from benefits and human resource executives for the fourth straight year according to Deloitte Consulting’s “Top Five Rewards Survey.”

A whopping 75 percent of respondents cited managing health care costs as the top risk and around 85 percent said they expected health care costs to increase over the next five years as a result of the Patient Protection and Affordable Care Act (PPACA). In addition, 68 percent said they would re-evaluate their benefits strategy to offset PPACA’s impact.

In addition, 68 percent said they would re-evaluate their benefits strategy to offset PPACA’s impact.

The big question is what will employers to to change their benefits strategy? Will they improve their wellness programs to impact behavior? Will they look at voluntary benefit offerings that help employee have more complete coverage?

Whatever the change in strategy, benefits technology like Benefitsolver can have a positive impact. Communication tools offer the ability to drive enrollment to specific plans and help employees better understand the complete benefits package. Advanced integration streamlines enrolling in voluntary plans. A paycheck calculator can help each employee manage the impact to their monthly budget. And it can all be done from a single benefits platform. Contact your Businessolver representative today to find out how benefits technology can help manage the cost of providing health care (and any other benefit!) to employees.

EVENT: NEBGH 1st Annual Health and Wellness Benefits Conference

8:13 am Businessolver Banter, Industry News

Northeast Business Group On Health’s 1st Annual Health & Wellness Benefits Conference
30 Years of Innovation: What’s Next for Employers?
Wednesday, April 25, 2012
7:30 a.m. to 5:00 p.m.
Sentry Conference Centers
730 Third Avenue
(between 45th & 46th Streets)
New York, New York 10017

Learn more or register here.

EVENT AGENDA
7:30 a.m. – 8:15 a.m. Continental Breakfast, Registration and Exhibits
8:30 a.m. – 8:45 a.m. Opening Remarks
8:45 a.m. – 9:00 a.m. Why Employers Need to Innovate
9:00 a.m. – 10:00 a.m. Keynote, Innovations in Healthcare Technology: Will Supercomputer Dr. Watson Improve Patient Care?
10:00 a.m. – 10:30 a.m. Break
10:30 a.m. – 9:00 a.m. Breakout Sessions Part 1
a. Innovations in Health Reform: The Spectrum of Opportunity Between Pay and Play
b. Innovations in Employee Health Management
c. Innovations in Employee Engagement
d. Innovations in Medical Decision Support
Noon – 1:300 p.m. Luncheon, Allowing the Mind to Blossom: Making the Business Case for Transcendental Meditation
1:45 p.m. – 3:15 p.m. Breakout Sessions Part 2
a. Innovations in Stress Management Programs and Building Workforce Resiliency
b. Innovations in Alternative Delivery Models of Care
c. Innovations in Pharmacy Benefit Management: Pharmacy – 2012 and Beyond
d. Innovations in Global Wellness
3:15 p.m. – 3:30 p.m. Break
3:30 p.m. – 5:00 p.m. Panel Discussion: The Future of Healthcare

States Vary on Exchange Status

March 6, 2012 1:50 pm Businessolver Banter, Industry News

Among the uncertainty surrounding the Patient Protection and Affordable Care Act (PPACA), nothing is on shakier ground than state exchanges. A few states have already developed their own exchange or are on their way to doing so, while the majority is still researching or debating legislation related to the establishment of an exchange. Interestingly, a recent piece by Dennis Storey in Benefits Selling pointed out that, “a new Urban Institute/Robert Wood Foundation study reveals that the states taking the most time are the ones with the most to lose – and the most to gain.” The research examines the possible change in employer-sponsored insurance coverage by state as well as their progress toward establishing an exchange.

Finding Consensus Among Finance and HR: Pay or Play

March 5, 2012 4:14 pm Businessolver Banter, Industry News

Employers across the US are still weighing their options and trying to determine their health benefits strategy based on health care reform.

Towers Watson recently surveyed the two key decision makers within organizations - HR and finance – to see if they were in sync regarding the future strategy. No surprisingly, “impact on costs” was the cited as the most important factor that will affect decisions about health care reform with 82% of HR and 69% of finance respondents indicating the bottom line still takes top bill. But the second highest response was a bit of a surprise. 48% of HR and 30% of finance respondents cited “actions of our industry” as a critical factor. The fact that “actions of our industry” was rated so highly reveals that both finance and HR professionals are definitely concerned with winning the war for talent and the only sustainable difference between competitors. And if that is the case, it will be interesting to see how employers respond to the “pay or play” option when the rubber hits the road in the next few years.

You Have Built It. But Will They Come? How to Promote Your High Deductible Plan

March 1, 2012 3:02 pm Businessolver Banter, Industry News

You likely spent many months last year designing alternative health insurance options designed to help employees make better choices and live healthier lives, and to help your entire organization save healthcare dollars. As you begin planning for next year, it’s worth your effort to evaluate your communication and education tools. Last year you may have thought the benefits of these programs were apparent enough without having to push them too hard. But from the disappointing enrollment numbers, perhaps you were wrong. Or maybe you need to think more about how well you educated and engaged your employees to help them make the best choice.

Now is a good time to rethink your strategy for communicating your benefits choices next time.

A study by Buck consultants shows that the more information employees are given, the more likely they are to select the a High Deductible Health Plan (HDHP), and the happier they are with that decision later. The Buck study showed that online tools and calculators were extremely helpful; informational employee meetings were also seen as beneficial.

Research about how people make choices may help you design a communications strategy. Simply changing the order of presentation of benefits plans may affect outcomes, suggests Christopher Goldsmith, Sibson Consulting, an expert on health and welfare benefit plans. For example, if you are trying to encourage participation in a new HDHP rather than the previously popular PPO, place the HDHP at the top of the list of options.

Goldsmith suggests working with buyer “biases” rather than allowing those biases to work against you. For example, to capitalize on the “Jump on the Bandwagon” bias, communicate options to peer groups, leveraging testimonials from others in the group. The “Complexity Aversion” bias can be combatted by simplifying processes and making it sound easy in communications.

Your next open enrollment period may be months and months away, but if you want to affect change, start communicating now. Take case studies of employees who selected your HDHP this year; calculate cost savings, tell success stories. Do some sleuthing to discover employees’ greatest fears about a high deductible plan. If they feel they’re losing choices, dispel that myth. If it’s fear of unknown costs, put together multiple scenarios. Present your scenarios in a variety of formats. Some people have a high comprehension for charts and graphs; others need information provided in narrative style.

Businessolver can help simplify the communication process. Our online enrollment platform offers a variety of tools and calculators as well as unlimited opportunity to link through single sign on to web services for information and carrier sites. Contact your Businessolver representative today to find out how we can help you promote your plans most effectively.

EVENT: 2012 LEHRN HR Technology Expo

February 16, 2012 8:23 am Businessolver Banter, Industry News

4th Annual Minnesota HR Technology Expo
Presented by LEHRN
Feb. 29, 2012
Brooklyn Center, MN
Earle Brown Heritage Center

Learn more or register here.

EXHIBIT SCHEDULE

7:30 a.m. – 4:15 p.m. EXPO Schedule
9:30 a.m. –3:15 p.m. Exhibition Hall Open
4:30 p.m. – 6:30 p.m. Cocktail Reception at Embassy Suites Hotel

Event: Workplace Benefits Renaissance

February 15, 2012 6:11 pm Businessolver Banter, Businessolver Buzz

Workplace Benefits Renaissance
Feb. 27-29, 2012
Atlantic City, NJ
Trump Taj Mahal

Learn more or register here.

EXHIBIT SCHEDULE

Tuesday, February 28, 2012
8:30 a.m. – 9:15 a.m. Claim & Medical Bill Audits: New Business For You, Big Savings For Clients
8:30 a.m. – 9:15 a.m. Key Trends: Voluntary Benefits
9:15 a.m – 10:00 a.m. Hottest Benefit: Defined Contribution Flex Benefits Plans
9:15 a.m. – 10:00 a.m. Innovations in Personalized Benefits Communications
10:15 a.m. – 10:30 a.m. Welcome & Introduction
10:30 a.m. – 11:15 a.m. Keynote Presentation: Forecasting the Future of Health Care Reform and Broker Community Response
11:15 a.m. – 12:00 p.m. Keynote Panel: The Role Of The Broker In An Exchange Environment
1:30 p.m. – 2:15 p.m. How To Set Yourself Apart From Your Competition
1:30 p.m. – 2:15 p.m. Debit Card Technology: The Key to Success with Consumer Driven Health Plans
2:15 p.m. – 3:00 p.m. Payroll Services
2:15 p.m. – 3:00 p.m. Viewing Enrollment as a Strategic Advantage
3:30 p.m – 4:15 p.m. Adviser’s Top Five Compliance Challenges
3:30 p.m. – 4:15 p.m. Avatars: They are Finally Ready for Prime Time!
4:15 p.m. – 5:00 p.m. Keynote Presentation: Winning the Large Account
5:00 p.m. – 6:30 p.m. Opening Wine & Cheese Reception

Wednesday, February 29, 2012
8:30 a.m. – 9:15 a.m. Bridging the Gap Between Employer and Employee Perspectives Of Voluntary Benefits
9:15 a.m. – 10:00 a.m. Rainmaker Panel: Million Dollar Voluntary Benefits Agencies – How They Do It
10:30 a.m. – 11:15 a.m. Keynote Panel: Mergers, Acquisitions, & Strategic Relationship Options
11:15 a.m. – 12:00 p.m. Employee Benefit Portals
11:15 a.m. – 12:00 p.m. Advanced Concepts In Voluntary Benefits
1:15 p.m. – 2:00 p.m. Improve Your Internet Presence: Web, Social Media & Mobile

Growth of HSA Market Continues

1:37 pm Businessolver Banter, Industry News

Yet another bank has announced significant growth in health savings accounts. This week Bank of America announced a record 34 percent increase over the previous year buoyed by the addition of 50,000 new accounts.

The real news is the trend toward employee accountability and the focus on health care consumerism is continuing. More and more companies have turned to high deductible and/or consumer driven health plans as a way to drive cost conscious behavior by employees, and it seems to be working.

The challenge lies in supporting the decision-making process and communicating key messages to drive behavior. That’s the beauty of Businessolver’s single source benefits tool, Benefitsolver. To find out more about the tools available to support the shift toward health care consumerism, talk to your Businesolver representative.

For the Love of Bacon

February 13, 2012 8:04 am Businessolver Banter, Businessolver Buzz

Businessolver is a proud sponsor of the 5th Annual Blue Ribbon Bacon Festival, “Baconpocalypse Now: I love the smell of bacon in the morning” taking place February 18th. And we want you to know that we’re always looking for a few good bacon lovers. Seriously dudes, seriously.

The prestigious event features a Bacon Showcase, Bacon Lecture Series and bacon eating contest. Were you lucky enough to snag a ticket?

Applying the Right Wellness Incentive

February 10, 2012 10:23 am Businessolver Banter, Industry News

Most employers today aren’t looking for further evidence that employee wellness programs provide the following benefits:

Reduce health care costs including workers’ compensation and disability
Reduce absenteeism
Boost employee productivity
Reduce workers’ compensation and disability-related costs
Improve employee morale and loyalty

But do you know how those benefits translate into dollars? A review in the American Journal of Health Promotion puts ROI at more than $4/$1. Not much more is needed to convince employers that these programs are worthwhile.

And employers are enthusiastic about offering incentives for these programs.

Starting in 2014, employers can offer up to 30 percent of an employee’s total health care premium for participating in wellness programs; up from the current 20 percent. This increase is the most favored aspect of the Patient Protection and Affordable Care Act (PPACA) among employers, according to a Lockton survey.

So you don’t need more convincing, and maybe you’re already offering a wellness program with incentives. But are you getting the most out of your investment?

Research shows that incentives help increase participation in programs like health assessments, biometric screenings and fitness programs. But what type of incentive works best? There are three basic types of incentives, according to the Health Enhancement Research Organization (HERO).

Participation based. Just as it sounds, this type of incentive rewards employees for participating in a health management program. According to HERO, this type of reward does well to encourage participation, but doesn’t lead to much long-term behavior change.

Outcomes based. This type of incentive promises rewards for making progress, such as achieving or staying within ranges for things like blood pressure, cholesterol and body mass index (BMI). One downside to this type of incentive is that it is somewhat discriminatory, and employees who can’t (or won’t) make the goal don’t receive the reward, which can be counterproductive.

Progress based. This is a happy medium between the first two types of incentives. It sets goals and rewards the employee for making meaningful progress toward the goal. This type of incentive involves the most management, however, as it involves some customization.

No matter what style, or combination of styles, of incentives you offer, you must also make provisions for employees with conditions that prohibit them from taking part.

It may take a few years of tweaking, along with more research as these programs become more and more the norm, before you land on a wellness program that is bringing the results you seek. Talk to a Businessolver representative today to discover how we can help you design, implement and track a meaningful program for your employees.

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