What Do Employees Want in Their Health Benefits Package?
Employee benefits in the last few years have evolved into a true attraction, retention, and engagement tool—as an employer, they can be instrumental in shaping the way that employees perceive you.
As the scope of employee benefits becomes broader, it can be hard to know if they are truly effective. In this handy guide, we’ve eliminated the guesswork by letting you know what employees really want in their health benefits package.
Price Transparency and Affordability
75% of patients look at price transparency prior to accessing care
With healthcare costs in the U.S. continuing to increase every year, the importance of understanding and receiving accurate estimates becomes clearer.
Clear information on out-of-pocket expenses impact on consumers’ decisions to use a healthcare provider. Increasingly, they want to know what care they’re getting, how much it costs, and why they need it.
Personalization
18% of employees want more personalized health care plans and benefits
AHIP Survey “The Value of Employer Provided Coverage”, February 2018
Consumers regularly receive personalized shopping and media recommendations, and they now expect the same kind of personalization in their health care experience. In a survey by AHIP, when asked what their health insurance coverage could be better at (apart from cost), 18% of employees said they would like to have more personalized and patient-centered coverage.
To give more personalized coverage, it’s important for you to understand your employees’ needs, and for your employees to have a good understanding of the kinds of benefits available to them. For example, educating your employees about HSAs or FSAs might give them a chance to save, and provide them with more personalized health care and benefits options. Another way of adding value to your employees’ benefits plan is through adding voluntary coverage, which includes benefits options that would otherwise be unavailable to them, or would be more expensive to get outside of a group plan. This includes things like legal services, worksite benefits, disability insurance, and life insurance. Different voluntary coverage options work for different people, so it’s important to provide these options in the first place!
To learn more about voluntary coverage, contact your health insurance broker.
Simplicity
25% of employees want easier-to-understand employer-sponsored plans
AHIP Survey “The Value of Employer Provided Coverage”, February 2018
Many employees want simple, clearly explained plan information so they can understand their benefits and make informed choices about how to use their plan.
Often, this can be done by providing straightforward and easy-to-understand resources (like this guide!), to help take the guesswork out of employee benefits plans. Some brokers also use technology-enabled benefits platforms to make plan enrollment easier for employees.
Comprehensive Coverage
39% of America