In doing so, we’ve created the most comprehensive source of reliable benchmarking data for employers of all sizes. Small businesses power the economy. Chief Commercial Officer Put the “thanks” back in your office holiday with these tips for celebrating Thanksgiving in 2020. 2nd Annual Employee Benefit Plan Benchmarking Report How Do Your Benefit Plans Stack Up Against Others? This was a reverse of the trend seen in previous years of decreased dependent enrollment. Prescription drug plans are changing in many of the markets across the country in an attempt to combat the ever-rising cost of prescription medications. Leave us a comment or contact us. Small Group enrollment and plan type distribution (PPO/HMO/Other) percentages continue to diversify. Survey data shows the majority of plans have either a three-, four- or five-tier benefit structure. All companies are registered in England and Wales. For those plans with three or more tiers, the out-of-pocket costs for brand name and specialty tiers have increased, some quite significantly. Companies offering an HDHP that also offered an HSA. For a break-out of changes to medical premiums by plan type, including HMOs, PPOs and CDHPs, download the complete study here. Welcome back to the annual PlanSource Benefits Benchmark Report. Use of the service is subject to our terms and conditions. Copyright © 2020 LexisNexis Risk Solutions Group. Generally, larger groups (those with 200 to 1,000+ employees) pay more than average per employee due to more generous benefit levels. Conversely, health reimbursement arrangement (HRA) maximum reimbursements decreased from $1,983 for a single employee to $1,547, a decrease of 22%. You can opt out of marketing communications at any time by contacting us. Wouldn’t it be great if employees did their homework and logged in While plan costs in the West rose only slightly in 2017 (1.2% from 2016 to 2017), this year, costs in the West actually decreased 4.0% from 2017 to 2018, making plans in the West among the lowest cost (largely due to the increase in CDHP plan enrollment across the region as well as the continued prevalence of HMO plans in California, as discussed elsewhere in our report). The 2018 Zenefits Small Business Benefits Benchmark Report is now available. However, we have not performed a compliance audit. Median in-network deductibles for single coverage remained steady across all plans for 2018 at $2,000, although median in-network PPO deductibles increased from $1,500 in 2017 to $2,000 in 2018. Spending too much time on HR, not your business? Get your benchmark report today. Is Your High Deductible Health Plan (HDHP) HSA Qualified? Greatly exacerbated by today’s low unemployment rate, the competition for talent in the business world today is as fierce as I’ve ever seen it, most especially in the fields of construction, dining, cybersecurity, nursing, and finance, just to name a few. This could signal a trend to watch, as individual or Marketplace premiums rise quickly with the sunset of the Transitional Reinsurance Fee and other risk protections afforded to carriers under the Patient Protection and Affordable Care Act (ACA). Our interactive benchmarking tool allows for quick yet insightful custom benchmarking analysis you can put to use right away. Given the complexity of the data, watch for a special report to be released by us on prescription benefit trends in the future. Benefits are incredibly complex. The 2018 Zenefits Small Business Benefits Benchmark Report is now available. If you'd like to receive future insights, reports and communications from Creative, please tick here. Our 2019 Employee Benefits Benchmarking Study reveals several noteworthy trends and developments that are vital for employers who are interested in making the most informed health care plan decisions possible. Do I have to go back to work if my kids are still out of school? This is likely due to the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriage, giving employers a less complicated method to provide coverage for same-sex partners. See how your employee benefits package compares. Please enjoy this free report, and feel free to contact us directly if you have any questions about the findings or about our platform. Plans that are considered to be grandmothered in the small group market experienced a drastic 91.7% decrease from 2017 (and down 207% from 2015). Data is powerful. By continuing to browse our site you are agreeing to our use of cookies. Average number of total benefits Error logging in. For your reference the exchange … Chart 2: Health-Related Benefits and Insurance, Chart 4: Traditional and PTO Plans, by Union Status, Chart 5: Traditional Paid Leave Plan Categories. There are several benefits of benchmarking, but the process needs to be followed perfectly. We expect this trend of multiple network offerings to continue in the small/mid-group market segment, which includes a greater adoption of low-cost options such as consumer-driven health plans (CDHPs). This year the JP Griffin Group joined with United Benefits Advisors to produce the nation’s largest independent health plan benchmarking survey. The benchmarking process facilitates the examination of things like the amount of production, revenue, employee productivity, expenses, and so on. Recently, Tim has been focused on the ACA's impact, access to care behind new and unique health plan contracting and benefits technology.