Healthcare benchmarks just in time for open enrollment

As open enrollment ramps up once again, there’s no better time for some healthcare benchmarks to see how you compare to your peers.

The just-released 2020 Society for Human Resource Management Benefits Survey offers many metrics.

These can help you stay competitive in this increasingly important area of benefits management.

For primary health plan offerings

You may certainly offer more than one of these, but here are the main health plan choices most popular with your peers now:

• preferred provider organization (PPO) plans (79%)
• high-deductible health plans (HDHPs) linked with health savings accounts (HSAs) (62%)
• health maintenance orgs (31%)
• HDHPs without HSAs (16%), and
• point of service (POS) plans (16%).
  

Supplemental benefits

But you know that offering health insurance may not be enough anymore.

Now, many of your peers have started adding several supplemental benefits for a more well-rounded (and competitive) offering. Healthcare benchmarks here can help guide you.

So which ones are the most-frequently offered? The supplemental health benefits are rising in popularity:

• critical illness insurance (48%)
• long-term care insurance (39%)
• hospital indemnity insurance (32%)
• intensive care insurance (25%), and
• long-term care insurance for family (21%).

Benefits on the decline

Of course, something’s got to give. Companies can’t afford to keep adding benefit after benefit without scaling back elsewhere.

The SHRM survey also identified reduced employee benefits. If you need a place to dial back, consider these:

• employer match for 401(k)s (7%)
• compensation, including hazard pay (4%)
• employee options for telework (2%)
• student loan repayment plans (1%), and
• childcare benefits (1%).