New White Paper Explores Product Offerings and Choices on Private Exchanges
Liazon is proud to share the findings of a new white paper put out by the Private Exchange Research Council (PERC), “Understanding Product Offerings and Choices on a Private Exchange,” examining the types of benefits products offered and decisions employees are making in an exchange environment. In a first of its kind study, this report offers an in-depth examination of the decisions employees are making when given the power of choice.
Click on the image below to download the report.
The analysis, based on data from companies using a Liazon-powered private exchange between 2013 and 2015, showed:
• Employers are offering an average of 14 different benefit types (medical, dental, vision, life, disability, etc.) and a median of six medical plan choices;
• Overall, smaller-sized companies are offering more non-traditional voluntary products (legal plans, pet insurance, identity theft protection, and more) compared to larger companies;
• Employees who purchased on the exchange bought an average of 4.4 products in 2015 compared to 3.6 products in 2013 — an increase of more than 20%;
• Gen Xers tend to purchase the most products compared to other generations: approximately 44% purchased four or more products, compared with 42% of Boomers and only 30% of Millennials;
• There is a steady increase in employees enrolling in HSA-qualified health plans — rising from 38% in 2013 to 42% in 2015 — consistently ahead of general industry averages;
• Those selecting HSA-qualified plans are more likely to be younger, male, healthier, higher-paid, and have fewer financial issues; and
• 38% of employees bought the exact medical plan that was recommended to them via the system’s decision support tool in 2015, up from 32% in 2013.
The Private Exchange Research Council (PERC) is a think tank comprised of private benefits exchange experts and top brokers and consultants. By bringing together the collective knowledge of forward-thinking exchange experts and companies who are shaping the private exchange industry, along with hundreds of thousands of data points on consumers’ preferences; self-reported data on health, wealth, and personality; demographics; and enrollments, this group is uniquely positioned to provide the strongest insights on consumer behavior in an environment of choice.
Learn more about PERC and download the latest whitepaper at www.percinsights.com.