Americans are frustrated with the cost and complexity of health care. And since employers provide health insurance coverage for the majority of the population (roughly 56 percent of Americans), disenchanted consumers are increasingly looking to their employers for help managing health care expenses and weighing their benefits options. In turn, employers are calling on benefit brokers to help educate their employees and to supply tools to engage them with their benefits. The ultimate goal: to empower employees to make smarter health care decisions.
To enhance your approach with trusted clients and forge relationships with new employer groups, it’s helpful to begin with an understanding of what their employees value most and are most concerned with today. Here are four insights to guide you as we move into open enrollment season:
1) Employees enroll in high-deductible health plans (HDHPs) to save for future needs.
In 2018, WEX Health surveyed more than 1,000 U.S. workers with employer-provided health insurance. Among the most interesting of the findings, published in the 2018 WEX Health Clear Insights report: Even though more than three-quarters of those who participate in HDHPs think that managing their health care spending account helps them make smarter health decisions, there’s still a knowledge gap that needs to be addressed. In fact, although survey participants primarily intend to use health savings accounts (HSAs) as a savings vehicle, many aren’t aware of their full savings potential and aren’t aware that they can invest their HSA funds in stocks, mutual funds and other investment vehicles. During open enrollment this year, it’s important to not only educate employees on the benefits of engaging with their HSA but to provide tips and tricks on how to make the most out of it.
2) Employees’ satisfaction with benefits can be enhanced through personalized experiences.
By tailoring educational tools and experiences to employees’ specific needs, brokers and employers are better able to make every minute with employees count. The Vitals for Change Scorecard, a guide for employers from Mercer and Catalyst for Payment Reform, found that one-third of senior leaders are now making efforts to understand what their different workforce segments or demographic groups value in terms of benefits, programs and policies. Understanding the employee population and working closely with employers to tailor benefits design can lead to more employees enrolled in programs that fit their needs, ultimately leading to better satisfaction.
3) They prefer online and mobile tools for education and engagement.
Most senior leaders believe that programs encouraging employee engagement with health and well-being are an important means of achieving their overall HR and business objectives, according to the Vitals for Change Scorecard. But what’s the best way to engage employees, especially when they’re inundated daily with information from several sources and devices? Knowing which online and mobile tools and resources work best for different groups of employees can make a big difference in the effectiveness of education and engagement programs. When asked to select all the tools and resources they would find most helpful, employees who participated in the WEX Health survey ranked highest those personalized online tools that compare plans, estimate costs and calculate savings. In particular, employees say they need help figuring out how much money to set aside to cover deductibles and to put in their HDHP account. Post-enrollment, providing personalized messaging can help employees stick to their savings goals.
4) But don’t disregard the value of an in-person presentation or consultation.
While it may be tempting to discard all of the more traditional ways of relaying benefits information to employees, it’s important to recognize the diverse settings and needs of employee populations and to consider those factors when delivering educational content. If, for example, you’re delivering a benefits presentation in an industrial setting like a manufacturing plant floor versus in a large auditorium, some of the “old-school” methods and tools—i.e., handouts and discussion—remain the most helpful. And in the WEX Health survey, respondents selected fact sheets as the most useful of all educational resources. In-person presentations during which employees can get immediate answers from human resources and benefits administration representatives also ranked high, with more passive videos and webinars ranking lower.
Armed with this information, benefits administrators and brokers can help employers develop personalized engagement strategies that will result in higher plan satisfaction, retention and overall increased revenue—beginning with open enrollment education and lasting throughout the year.