The Employer Coalition
With limited time and data, many employers are frustrated by the renewal experience. In addition, high dollar claims ($1M+) have doubled in the last four years, and pharmacy costs have exploded. Cost shifting, carrier changes, and other popular strategies to control health plan costs are no longer working, which is why LMC created The Employer Coalition.
Brynna Dooley provided an overview of how The Employer Coalition was designed to put employers in control of their health plan by providing better data, more time for renewals, more rate stability, and employee education that delivers measurable results.
Innovation in technology allows us to collect and deliver data to help employers make educated decisions about their health plan. Rick DeBartolo described how valuable insights from LMC's data technology partner, Springbuk, can be used to discover cost drivers and measure results.
By integrating data from multiple sources, including pharmacy, payroll, carrier, and biometrics, we can identify gaps in care, determine where employee education would help, and monitor claims experiences and cost trends. This information makes it possible to conduct predictive modeling and prevention strategies aimed at improving the health of the plan.
Employee consumerism can have a significant impact on a company's health plan. Realizing this, LMC launched HealthJoy to our employees in 2019. HealthJoy was created to simplify the employee experience by having a centralized application for all benefits in a straightforward app.
Joel Hull shared his personal experience using HealthJoy, which provides employees with virtual assistance about their health plan, including telemedicine, and help finding providers and scheduling appointments. The service also includes bill and prescription reviews to help employees understand charges or find lower-cost pharmacies.
Every 60 seconds there are:
All of this activity, everything we do – our digital footprint – leaves a trail and puts our identities and privacy at risk.
Joel Hull shared the shocking statistics of identity theft and how InfoArmor and PrivacyArmor can help. The facts are, an identity is stolen every two seconds, and it takes a person 100-200 hours to resolve the theft on her own. When a person's identity is stolen, it affects him/her at work too. Employers can help protect employees with an identity theft monitoring, remediation, and reimbursement benefit.
Student Loan Repayment Programs
In the last 20 years, the cost of education has increased by 75%. This has led to more students graduating with student loans. According to Federal Student Loan Data, the average student loan payment is $393 per month and is repaid over 10+ years.
When employees are under financial stress, it affects employers too. The burden of student loan repayment amounts can lead to disengaged employees who may delay healthcare, retirement savings, and other major life decisions. Not only does a student loan program provide valuable financial wellness benefits, but it can also differentiate the company's employee benefits offering.
Kevin Boock shared program trends and described the different ways student loan programs can be set up. From determining eligibility, contributions, and benefits, student loan programs are a valuable employee benefit with a low impact on Human Resources.
One in three people will receive a life-changing medical diagnosis in their lifetime. When that happens, most people are overwhelmed with how to handle the news and what to do next. Is the diagnosis correct? Where to go for treatment?
Mary Johnson described how PinnacleCare's health advisory team can step in and help an employee navigate the health care system and get better outcomes by reviewing all case data, verifying the diagnosis, and assisting the employee in beginning a treatment plan at an appropriate facility.
Adding health advisory benefits to an employee benefits program not only benefits employees, it also benefits employers through management in high-cost medical claims, increased employee engagement, decreased absenteeism, and improved productivity.
Employee Benefits Benchmark Workshop
For those attendees who participated in this year's employee benefits survey, the new benchmark workshop provided real-time results. Trends in health plan design, deductibles, coinsurance, and contribution were shared as attendees accessed and compared their companies' benefit plans to others in the same industry, region, or size.
Access to the Benefits Positioning System (BPS) was also provided, allowing attendees to view metrics on plan design, employee cost, and employer costs. BPS is a simple tool useful in identifying how small changes can impact the richness of a plan.
Trends in healthcare were also covered, including a discussion on the key components of Medicare for All, a comparison between fully-insured vs. self-insured health insurance, narrow networks, pricing transparency, and consumerism.
Compliance Session: Notices and Disclosures
Tom Seltz, LMC's regulatory compliance executive, presented a two-part overview of Notices and Disclosures. In part one, Tom covered methods of delivery, including:
In part two, Tom reviewed ERISA plan documents, including:
We're here to help.
While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or change circumstances of any information herein or for the consequences of any reliance placed upon it. This publication is distributed on the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice or services. Readers should always seek professional advice before entering into any commitments.
4200 University Ave, Suite 200
West Des Moines, IA 50266-5945
5940 South 118th Circle
Omaha, NE 68137
708 Heartland Trail, Suite 1000
Madison, WI 53717