From IMA’s Benefits & Total Rewards Group:

Trends in Employee Benefits 2018

Where do we begin?

What if we flipped the unadventurous benefits strategy model? Instead of the annual “stocking of the shelves” of employee benefits with hopes that everyone gets the same value to a fresh, modern survey, asking why, and understanding what employees truly value then re-build the offerings that match up to what employees really want.

No surprise here. The cost of benefits, specifically healthcare and drugs, is still driving most strategy.  As in the past, medical/Rx self-insurance gets all the new toys. Key trends to watch in self-insurance:

  • Design-build of the health plan away from the big box to a modern, customized and accountable platform of claims administration, employee experience, pharmacy management, stop-loss insurance and more.
  • Cost vigilance on Pharmacy Benefit Management.
  • Become a “price maker” of health claims instead of a price taker with reference-based reimbursement models.

New, nontraditional companies are bringing fresh alternatives to traditional hospitals. The new stuff? Taking the care process directly to the patient.

  • Small, distinct hospital/provider networks focused on “best of the best” quality with costs below PPO networks and a concierge to guide everyone.
  • Condition-based, transparent, pre-set bundled pricing way below insurance “allowed charges”.
  • Direct Primary Care.  Think a monthly subscription for Primary Care with high tech, no wait, $0 copays and 24/7 access to your doctor.

With four generations in the workforce, “benefits” mean different things to different employees.  Gotta innovate to stay relevant with employees.  What’s on our radar?

  • Plan-based and company-reimbursed incentives.  Nothing’s off the table. Get creative and offer to send employees to the Cayman Islands for drug therapies (and save big $$).
  • Workforce student debt solutions.
  • Financial counseling to help employees with debt and stress.
  • Employee conveniences in office.