When the New Year comes around, everyone sets resolutions… but how many of you have actually stuck to your resolution? Resolutions often don’t work because they’re set at the start of the year, without much consideration for longevity and sustainability. Instead of setting a resolution, I urge you to think about the entire year and a change that would bring about long-lasting improvement.
At New Benefits, we have a clear strategy for the year. As all the major publications have released their benefit trend expectations for 2018 including BenefitsPRO, Employee Benefit Adviser, and HR Dive, we have identified a few of the most talked about trends. This year, employers are focused on:
- Lowering health care costs
- Benefit variety to complement demand for growth areas
- Data security and identity theft
Start with these 4 strategies to tackle top trends so they become long term resolutions.
- Telehealth: As the health care cost per employee rises to approximately $14,156, employers should expect a five percent increase in the total cost of providing medical benefits to employees this year.1 Due to this increase, brokers need solutions like telehealth to drive down claims experience and offer other avenues to care for non-emergency medical situations. This year, 96% of employers will offer a telehealth benefit.1
Although many carriers embed telehealth services with major medical, they charge a consultation fee. Bundling a telehealth benefit with $0 consult fee with other products like health advocacy provides a more robust solution that saves employers more money. Without a per visit consult fee, employees utilize the benefit more frequently, driving more value for both the employer and employees.
- Benefit Diversity: By identifying the problems that employees struggle with the most, and offering benefits that give them the tools to overcome these obstacles, employers can achieve a positive user experience as well as benefit variety. This can include services like long term care, student loan assistance, personal financial planning, and pet insurance.
- Data Security: With more than 15 million victims per year, identity theft continues to be a growing concern, not only to the individual, but also to employers.2 Individuals affected by identity theft are four times more likely to utilize medical benefits and are absent from work five times more than usual.2 There are a variety of identity theft monitoring and resolution services available to help employers sustain productivity in the workplace when a cyberattack happens.
Aside from identity theft services, it is always a great idea to provide employees with tips to protect themselves from identify theft in the workplace. Remind employees to:
- Use complex passwords
- Lock devices
- Question emails from unknown senders
- Caregiving Support: The struggle to manage caregiving on top of everyday life is stressful and can cause employees to be absent or not fully present at work. More than one in six full-time employees care for an aging loved one, but lack the resources to properly manage the many aspects of caregiving.3 Our Caregiver Support benefit gives employees access to a healthcare coach so they do not have to face caregiving hardships alone. To complement this benefit, consider offering legal aid, Worklife services or medical equipment savings. The AARP also provides many valuable resources and information for caregivers.
As employees continue to tackle life’s obstacles, it’s important that employers provide them with the best tools to ensure health in the workplace while supporting company efficiency and growth. As benefit trends shift in 2018 and there is a higher demand for new solutions, consider these strategies for your clients.
So, I leave you with one question. Are you prepared for the latest trends in 2018?
–Marti Powles, COO
Copyright © 2018 by New Benefits, Ltd. All rights reserved.
2 ID Sanctuary Premium Employer Infographic: