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Wednesday, 10 February 2021 10:41

Have you Benchmarked Your Benefits Lately?

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The Employers Council conducts an annual Health, Welfare and Retirement Plans Survey in Colorado, and the results provide valuable insights into benefit and plan trends. We’ve culled through the recent data from 2020 to bring you the latest trends emerging in the Denver/Boulder area.

We know how helpful it is to understand how your benefits stack up to companies around you. This kind of information can help employers gain a competitive edge in attracting talent and even provide new ideas on how to keep healthcare costs more manageable. 

Below are some key takeaways from Fall River’s summary report:

  • Medical renewal increases have remained steady at 7% in recent years

  • In 2020, more companies opted to share premium increases between the employer and employees

  • High-Deductible Health Plans (HDHPs) continue to be a popular plan offering

  • Companies are contributing a bit more to dependent tiers as those coverages continue to increase in cost

  • More employers are seeing measurable results from wellness programs:

    • 10% reported that their program has proven to reduce healthcare-related costs, as compared to 4% the previous year

    • To support this, more employers are offering premium-based incentives to encourage participation in wellness activities

Perhaps the biggest news coming out of the 2020 Employers Council data is that for the first time since at least 2015, the proportion of companies opting for a self-funded plan is greater than companies on fully-insured plans. Whether or not to go self-funded or fully-insured is a strategic question that we take into consideration with all of our clients. If you’re not sure which arrangement is best for you, contact us to see how we can help you make the best decision for your company.

If you would like to see Fall River’s summary report, click here to request your own copy.

Also, Fall River and the Alera group are launching the annual Alera Group Benchmarking study soon for the 2021 year. This benchmark survey is focused on mid-market employers with 50-1000 employees and will offer the ability to split results by industry. If you are in that size range and would like to participate, let us know!

If you have questions about either Benchmark Survey, please contact your Fall River Client Manager today. 

Read 559 times Last modified on Wednesday, 17 February 2021 11:09