One the best ways to contain healthcare costs is to tailor your healthcare vendor services to your employee base. Depending on factors like demographics, geography, environment, and heredity the heath care needs profile of your employee base can vary widely, even between companies in the same industry. Health plan choice is not only important to employers, it’s important to employees. According to the 2016 Consumer Health Mindset Study (prepared by Aon Hewitt with contributions from the National Business Group in Health), 75% of employees say that it is important to pick the right health plan. And the older your employee base, the more important this becomes; 79% of Boomers (those born between 1946 and 1964 and at the oldest end of the workforce) rate picking the right health plan as important.
The most helpful tools or information that an employer can provide is health plan decision tools. Over two-thirds (68%) of employees say that tools that help them decide which health plan option is best for them and their family are important. These tools assist in predicting health care expenses and modeling out-of-pocket costs for different health plan options. Cost clarity tools, provider choice tools, and general wellness information are also highly valued, with approximately 60% employees citing these as most helpful.
One of the factors across the board that is driving plan and vendor selections is the prevalence of Millennials in the workplace. Millennials are those born from 1979 to 1996; this makes them 20-37 years old and a prime employee group. According to Pew Research, during the first quarter of 2015 the Millennial generation became the largest single generation in the U.S. workforce, with nearly 54 million people. In fact, among all the age demographic groups in the workforce – Millennials, Gen Xers and Boomers – this young cohort expresses the greatest interest in health plan decision tools and general wellness information. And compared to prior year attitudes, they are significantly more interested in health plan choice than their older peers.
Being able to respond to the needs of your employee base and to exhibit flexibility in the selection of healthcare services, is not only good financial sense for containing heath care costs, it’s also good HR policy for attracting and retaining top talent. Today’s employees are more informed and want to be informed. Gone are the days when one-size fits all was plainly accepted. It’s been replaced by responsiveness and transparency. Employers that can efficiently tailor programs and provide health care services that are important and needed by their employees, hold a significant business advantage.
Interested in learning more about how a fully integrated healthcare expense administration platform can help your company with selecting and managing the best vendors for your employee base? Talk to us. It’s a new world and AdminaHealth is revolutionizing self-funded healthcare expense management.
Interested in learning more about AdminaHealth? Schedule a demo today.