Liazon Annual Survey Finds That Employees Become Better, More Engaged Health Care Consumers When Given the Power to Select Their Own Benefits in a Marketplace Environment
82% of employees reported they are more confident in their health care decisions after switching to an online marketplace
Buffalo, NY, March 16, 2017 – Employees who enroll in benefits through online marketplaces, also known as exchanges, are more informed health care consumers, according to a new report from Liazon, operator of the Bright Choices Exchange and several private label benefits marketplaces. The “Liazon 2017 Employee Survey Report: Health Care Consumerism in a Marketplace Environment,” based on data collected from thousands of employees who enrolled in benefits via a Liazon-powered marketplace in 2016, reveals that the marketplace environment produces savvier and more satisfied health care consumers. Survey respondents reported they valued several aspects of their benefits marketplace including: online education and decision support tools, transparent pricing, expanded offerings, as well as the ability to control their own benefits selections as opposed to having their employers select for them. These factors, and more, make for a seamless and satisfactory benefits experience overall.
The survey asked employees to compare their knowledge of health care and benefits before and after using a Liazon-powered marketplace. Liazon found that 85% of employees feel more engaged in their health care decisions, up from 83% in 2015. Further, 82% of employees are more confident in their health care decisions after enrolling in benefits through the marketplace. The educational resources, plan comparison tools, and control over decisions that the marketplace affords resulted in 83% of employees having a better understanding of what their health insurance and other benefits cover. Similarly, 85% of employees responded they had an increased awareness of the cost of their medical care. The report findings indicate that the marketplace environment empowers employees to take ownership of their benefits and therefore, their overall financial health.
“The results of our annual survey once again show that employees prefer to shop for their own benefits, rather than have their employers make these decisions for them,” said Liazon co-founder Alan Cohen. “The essential elements of a marketplace—transparent pricing and employee choice, coupled with education and other decision support tools—result in employees who embrace the idea of customized benefits and become more confident and satisfied health care consumers in the process.”
Other notable survey findings include:
• 75% of employees are more likely to stay with their employer because of their benefits program.
• After using the marketplace, 94% of employees were satisfied with their experience; only 5% said they wouldn’t want their future employer to offer a benefits marketplace.
• While only 16% of employees were initially excited about using a marketplace to choose their benefits, 79% are now glad their employer made the switch.
• More Millennials and Post-Millennials (21%) were initially excited about moving to a marketplace, compared to Gen Xers (16%) and Baby Boomers (12%).
• After moving to a marketplace, Millennials and Post-Millennials (85%) reported the highest satisfaction with their company’s decision to switch, compared to Gen Xers (78%) and Baby Boomers (74%).
• 72% of employees feel like they received better value from their benefits dollars after using the marketplace.
• 83% of employees reported that after switching to a marketplace, they had a greater appreciation of their company’s contribution to their health care.
• A year later, 92% of employees were satisfied with the benefits they selected in the marketplace.
About the Survey
This annual survey by Liazon, operator of industry-leading private benefits marketplaces for businesses across the U.S., polls employees who choose their benefits through a Liazon-powered marketplace in order to gauge sentiments about their experience. Data were collected from 21,855 employees. The survey was distributed on a rolling basis to all employees who completed open enrollment in 2016.
Liazon operates industry-leading private benefits marketplaces for businesses across the U.S. Distributed under the brand name Bright Choices®, as well as several privately-labeled brands, Liazon marketplaces are online benefits stores that allow employees to personalize their benefits package with a selection of health, dental, vision, life, disability, and a host of other benefits from top national and regional providers. Liazon marketplaces enable companies to achieve a benefits strategy that maximizes value for their benefits dollars and helps them attract and retain talent through high employee satisfaction and empowerment. Liazon was acquired by Towers Watson, now Willis Towers Watson, in 2013. To learn more about Liazon marketplaces, go to www.liazon.com.