Fourth Annual Benefits Benchmark Survey by Healthcare Trends
Institute Reports Increased HSA Adoption and Focus on Attracting and
Retaining Quality Employees with Health Benefits
FARGO, N.D.--(BUSINESS WIRE)--Feb. 14, 2017--
As the healthcare industry undergoes significant changes, more than
two-thirds of employers are relying on health benefits packages to
improve employee morale and satisfaction within the workplace. Today,
the Healthcare
Trends Institute, an educational platform and news website powered
by WEX
Health, announced the findings from its fourth annual Benefits
Benchmark Survey, which provides employers insights into how their peers
are adopting new healthcare benefits options.
According to the survey, the majority of employers and HR executives
view health benefits offerings as key tools to attract and retain
employees. When asked which of the following were important outcomes of
the health benefits offering, three-quarters of respondents answered
that retaining and attracting quality employees were important outcomes.
The majority of respondents also said that improving employee morale and
satisfaction (68 percent) and improving employee health (67) were key
considerations.
Further, when asked to rank on a scale of one to 10 how strongly they
agreed with the statement “the quality of a benefits package impacts the
reputation of my company”—with 10 being “strongly agree”—67 percent
selected seven or higher, with nearly a quarter citing “strongly agree.”
“Employers are faced with daily challenges to keep employees healthy and
engaged at work,” said Tiffany Wirth, executive director, Healthcare
Trends Institute. “As the market continues to move in a direction of
consumerism and consolidation, it is important to track how offerings
have evolved as well as the perspectives of HR and benefits
administrators on the types of plans that are most effective in meeting
employees’ demands.”
Employers Are Seeking More Choices at Better Costs
In terms of current offerings, 70 percent of respondents said their
company currently offers Preferred Provider Organizations (up from 60
percent in 2015); 67 percent offer Flexible Spending Accounts (up from
59 percent in 2015); 59 percent offer Health Savings Accounts (up from
52 percent in 2015); and 53 percent offer High Deductible Health Plans
(up from 39 percent in 2015). The growth in these types of plans and
consumer spending accounts is indicative of the market shifting to
consumer-driven healthcare and increased employee cost-sharing. Notably,
more than half of employers responded that their employees are enrolled
in an HSA, FSA or HRA.
Given the uncertainty of healthcare reform, some employers are making
changes to their offerings. Approximately one in five survey respondents
said they are increasing employee cost-sharing and employee engagement
in healthcare decisions. Employers are also looking to enhance wellness
and preventative health programs (18 percent). During the past two
years, the approach to designing benefits has changed, with nearly
one-third (29 percent) of respondents citing that they are now
collaborating with outside organizations to find opportunities to reduce
employee costs, and 27 percent responding that they are now offering
healthy lifestyle and wellness incentives. Nearly one in five (16
percent) said they are working directly with providers to design health
plans.
The 2016 Healthcare Benefits Benchmark Survey is available for download here,
along with a recap of a live webcast on the findings.
Survey Methodology
These survey findings are based on an
annual survey of more than 200 CEOs and human resources and benefits
executives that provides insights into the rapidly changing healthcare
benefits industry. The survey was fielded online between January 1 and
January 20, 2017.
About Healthcare Trends Institute
Healthcare Trends
Institute (HTI) is an educational platform to help employers,
third-party administrators, health plans, brokers, banks, payroll
providers, consumers and other stakeholders keep up with the rapidly
changing healthcare benefits industry. It covers a range of topics
related to the administration and management of healthcare benefits,
including defined contribution, health exchanges, insurance, legislation
and more.
Healthcare Trends Institute programs include an educational web series,
an annual awards program, newsletters, training programs, a resource
library, a real-time health exchange infographic and more. To ensure all
content and programs achieve the highest level of quality and relevancy,
HTI is guided by an Editorial Advisory Board comprising of
subject-matter experts who represent diverse aspects and perspectives
within the healthcare benefits industry. HTI is sponsored by WEX Health,
a WEX Company and an award-winning healthcare financial technology
platform provider. More information is available at www.healthcaretrendsinstitute.org.
Follow Healthcare Trends Institute on Twitter,
LinkedIn,
Facebook
and Google+
to get the latest information on benefits trends in the workplace.
About WEX Health, Inc.
We simplify the business of
healthcare through WEX Health Cloud, a cloud-based healthcare financial
management platform that drives efficiency for benefit administration
technology, consumer engagement, and advanced billing and payments. Our
partner organizations enable us to deliver our industry-leading and
award-winning solution to 225,000 employers and more than 24 million
consumers. Together, we take the complexity out of defined contribution,
HSAs, HRAs, FSAs, VEBAs, PRAs, premium billing, public and private
health insurance exchanges, COBRA, wellness plans and transit plans.
Learn more at http://www.wexhealthinc.com/,
and follow WEX Health at @WEXHealthInc.
(NYSE: WEX)
View source version on businesswire.com: http://www.businesswire.com/news/home/20170214005135/en/
Source: WEX Health, Inc.
Healthcare Trends Institute
Heather Hawes, 630-868-5063
heather@healthcaretrendsinstitute.org
or
Media
Inquiries
WEX Health
Tiffany Wirth, 701-499-7215
twirth@evolution1.com