More & more & more voluntary benefits...
BenefitsPro conducted a survey amongst brokers, some who identify as benefit brokers, others a voluntary brokers. The findings were quite interesting and point to a few conclusions:
Finding: Both benefit brokers and voluntary brokers find themselves selling more supplemental health coverages than life and disability solutions
Conclusion: Employers and employees biggest pain points are the cost of health care, by selling supplemental health coverages, the of out pocket costs can be reduced on high deductible health plans
Finding: Benefit brokers expect wellness plans to continue to grow most rapidly, whereas voluntary brokers believe identity theft programs will have significant growth
Conclusion: Benefit brokers are trying to cut back on the cost of healthcare, whereas voluntary brokers are seeking to fill employee needs via worksite products that employees may have previously found elsewhere
Finding: Billing and setup are the two biggest areas causing administrative pain
Conclusion: Shameless plug here, our ICHRA reduces administration, gives employees an advocate and allows for employers to "set it and forget it" as it pertains to healthcare costs
What we find from this survey, is that the benefits world continues to expand, and as always service and product knowledge will reign supreme. If you want to learn more about New Edge's service model, solutions or more, please contact reach out at info@newedge.solutions
