Businessolver Blog

Innovation to Keep Pace with the Changing Benefits Landscape

Innovation to Keep Pace with the Changing Benefits Landscape
Posted on Tuesday, May 12, 2020 by Sherri Bockhorst
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Today we are launching two important tools to ensure that employers can stay current with the latest workplace benefits trends and individuals have access to benefits options, no matter what they are currently facing.

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Benefits Pulse

The statistics are coming in at a dizzying speed these days, and it can be hard to keep up with the workplace trends among fellow HR colleagues. We knew it would be important to create a consistently updated report to help employers analyze real data about real people. Because right now, what many of us need more than anything else, is answers.

Thus, our Businessolver Benefits Pulse was born.

Our new, weekly Benefits Pulse dashboard gives employers a snapshot into the workplace benefits trends that are taking place across the country, through real-time Benefitsolver data.  The capability to compare what other employers in the industry or state are facing and review up-to-date data can inform and shape challenging HR decisions.

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MyChoice Market

Additionally, this week we learned that over 33 million people have filed for unemployment benefits. And a recent study concluded that 41.5% of non-elderly adults reported a loss of work-related income since March. Undoubtedly, the events of the last few months leave the most people in our nation’s history without a steady paycheck, and many without employer-based benefits. Of those who reported lost income, more than a quarter are concerned about affording medical costs (26.4%).

Businessolver is working to bridge the gap between these individuals and their benefits options. It has always been our vision to be the trusted advisor in the benefits industry. This week we expand that vision through our MyChoice Market.

MyChoice Market was launched several years ago to provide our clients with a “soft place to land” for offboarding employees. For these transitioning employees, navigating coverage options can be confusing. Meanwhile, COBRA coverage can be expensive for the employee and a higher risk for the employer. 

What were some other choices for them? How could we serve our clients and members with an easier experience and a high level of support? 

We answered those questions by creating the MyChoice Market—assembling high-quality partners to provide several streams of coverage options, including ACA-compliant medical and MEC plans, Medicare plans and supplements, and a stellar line up of voluntary coverages, from dental and vision to telemedicine, identity theft protection and more. 

A few weeks ago, we began to see the need for this level of support for the massive number of unemployed individuals since the pandemic and shelter orders began rolling across America. We knew we needed to open the MyChoice Market to a wider audience.
 

As of today, the MyChoice Market is available to any individual, regardless of employer, who has recently lost benefits. The MyChoice Market has been a valuable resource for our clients. We are pleased to present an option for Americans to find coverage and connect those in need with benefits designed for them. 

Click here to read the full press release.

For access to the MyChoice Market, visit www.mychoicemarket.com.

To review the data on the Businessolver Benefits Pulse, visit www.businessolver.com/pulse.