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Our 4th Annual Benefits Benchmarking Survey Results: HR & Benefits Data You Need | Benefit Commerce Group

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  • Our 4th Annual Benefits Benchmarking Survey Results: HR & Benefits Data You Need
300+ Arizona employers have participated so far this year in our employee benefits survey.  The results were presented at our seminar on June 6th at the Arizona Biltmore. Your organization can still participate and receive valuable benchmarking information.  See below for a link to the survey. Seminar attendees learned how competing employers are handling employee benefits to help attract and retain employees.  They also heard an update on the nation’s health care policies from Robert Laszewski (the “voice of clarity”). Our Benchmarking Survey Participation Surges In the first four years of this survey, over 700 Arizona employers have participated. The survey highlights the continuing concerns of mid-size employers in our state about costs and strategies for employee benefit programs. It benchmarks a wide range of employee benefits data against other Arizona employers and employers nationally, with actionable information that employers use to improve their benefit programs. Participation in the Arizona survey has increased by double digits each year:
  • More than 300 employers already have participated in the survey this year. That is a 25 percent increase.
  • Current survey participation represents:
    • 210,000+ employees
    • $2 billion health care dollars spent
  • 350+ are expected to participate by the close of the survey in late autumn.
  • Attendance at the Benchmarking Survey Results Seminar doubled this year, compared to last year.
In addition to Arizona employers, the survey includes data from over 4,000 mid-sized employers nationally, representing over $30 billion of annual healthcare spend and 3 million employees. Highlights of Survey Results The overall survey results showed that:
  • Arizona employers have a lower relative value of their health plan designs compared to the national average, for both Preferred Provider Organization (PPO) plans and high deductible health plans.
  • Deductibles and out of pocket maximums were higher in Arizona than nationally:
    • PPO plans: median $1,500 individual deductible in Arizona, compared to $1,000 nationally
    • High deductible plans: median $3,000 individual deductible in Arizona, compared to $2,600 nationally
  • 55 percent of Arizona employers offer at least one high deductible health plan.
  • 33 percent of employers expect health plan costs to increase 6-10 percent in 2018 and nearly 10 percent expect even higher increases of 11 percent or more.
Laszewski: Health Care Policy Update Robert Laszewski is a nationally recognized health policy expert and a frequent guest on major news outlets, such as CNBC, CBS Evening News, ABC News, NBC News, CNN, PBS Newshour and the Morning Edition. He is President of Health Policy and Strategy Associates, has provided his perspective in testimony before Congressional committees and is widely consulted by industry groups, trade associations and state policy makers. In his presentation at our AZ Benefits Benchmarking Seminar, he discussed the political changes that are causing upheaval in the health care markets.  However, he said that in 20 years, health care will still be the largest industry in America. He provided a thoughtful review of the following and how they impact employers:
  • The effects of Obamacare
  • The Republican effort so far to repeal and replace Obamacare
  • Expectations for cost increases in 2018
  • The uptick in health care inflation, including prescription drug costs
  • Accountable Care Organization (ACO) results
If you would like a copy of Laszewski’s presentation, please contact Benefit Commerce Group at 480-515-5010 or email us at info@benefitcommerce.com. Still time to participate! Employers can continue to participate in the survey through October to receive an Individual Custom Report, benchmarking their employee benefits against hundreds of mid-size Arizona employers and thousands of mid-size employers nationally.  For more information, go to our Benchmarking Survey page. Read more…