More than anyone, benefit professionals know that employees need help when choosing a health plan. The majority of employees are in the wrong plan and overspend on health insurance every year. Decision support gives employees individual plan selection guidance. This helps employees choose the right plan and feel more satisfied with their benefits. Even so, you might be wondering if benefit decision support is worth it. Working with an outside vendor can feel overwhelming, especially when you already have limited time and a tight budget.If you’re on the fence about decision support, we understand. That’s why we’ve come up with a checklist you can use when deciding if it makes sense this year. If any of these statements resonate with you, schedule a demo to learn more.
Six reasons Benefit Decision Support might be worth it this year.
1. You want to attract and retain talent
According to Aflac’s 2020-2021 Workforces Report, improving benefits is the one thing employers can do to keep employees in their jobs. Nearly 30 percent of employees have left or turned down a job because of the benefits offered. Employers know this—and that’s why they invest a lot of money in their health benefits. But… employees are still dissatisfied. Decision support can change that. By helping employees choose a better plan, you’ll also help them make the most of the benefits you offer and be happier and healthier all around.
2. You’re overwhelmed by questions during open enrollment
Open enrollment is BUSY. Sharing benefit choices with employees requires being a master of communication, a hands-on teacher, and a beacon of support—that’s a whole lot to ask of a benefits team. If you feel like you’re juggling a few too many balls, consider working with a decision-support company. They’ll act as the main point of contact for all open enrollment questions, which will reduce the workload on your HR team. A good decision-support company will have a super easy set-up process and handle all employee communications—giving your team time to concentrate on other projects.
3. You’re introducing a new plan or making changes to your current offerings
Benefit changes almost always result in confusion and annoyance. Partnering with a decision support company shows employees that you take their concerns seriously and have a solution. And, it will ensure that the changes you make have an impact: Thanks to decision support, employees will know when that new plan is in their best interest and actually make a change.
4. You want to increase education/understanding regarding Health Savings Accounts (HSAs)
Do you worry that employees aren’t choosing HSA-eligible plans even though they’re likely a good fit? If so, you’re not alone. Numerous studies show that it’s super common for employees to overbuy health insurance by choosing higher premium plans. A good decision-support company will offer specific education around high deductible health plans (HDHP) and HSAs. They’ll share the benefits of an HSA, highlight the employer contribution and tax savings, and crunch the numbers so employees can see when an HDHP is the right fit. This way, employees make decisions based on facts rather than a general aversion to a high deductible.
5. You’re worried about the increasing costs of health insurance
Like employees, employers are facing an ever-increasing expense, with insurance premiums rising every year. Decision support is an easy solution for cutting costs because it helps employees know when a lower-premium plan is right for them. At MyHealthMath, we see a 2-3x increase in movement to HDHPs. This means employer premium contributions go down, and they save on payroll taxes.
Check out this case study and learn how a leading healthcare institution saved themselves and their employees money year-over-year.
6. You’re looking for ways to promote workplace diversity, equity, and inclusion
Traditional health benefit design often follows a one-size-fits-all model that ignores individual needs and reinforces health and wealth disparities. To promote equity, employers need to address how a person’s circumstances—whether due to age, income, race, or other social determinants—affect their ability to choose and optimally use their health benefits. Decision support that includes an equity lens can do exactly that. Equity-focused decision support:
Helps employers/consultants identify whether their benefits package might inhibit lower-wage earners from choosing an optimal plan
Gives all employees a fair opportunity to choose the health plan that best fits their needs.
Ready to learn more? Schedule a 30-minute demo and find out if MyHealthMath is the right fit for you.
