Why Employees Need Decision Support for Choosing Benefits
Following is an excerpt from our latest whitepaper, “Decision Support Systems for Benefits: Framework and Evaluation.” Download the full whitepaper.
Everyone likes having a lot of choices, from 31 flavors of ice cream to the fit of their jeans. Why? Because people have varying needs and preferences. The need for personalization holds true in benefits as well. When individuals, rather than employers, select the type of health coverage and ancillary products that are right for their particular needs and preferences, they can “right-size” their coverage to their situation, saving costs and insuring against the key risks in their lives.
A “Personal Shopper” for Benefits
Health and benefits online marketplaces are becoming increasingly available to individuals either through the public health exchanges or through their employers. These marketplaces offer expanded choice, often containing dozens of health and other benefit plans. But critical to increasing choice is providing a way for people to navigate their choices. Just as a personal shopper or online user reviews help people make the right choices when shopping in a physical store or online, tools known as “decision support” can help guide individuals through the experience of choosing the right health insurance or combination of benefits that best fit their needs. Today, technology makes it possible for employers to offer multitudes of benefits choices to their employees with the personalized support to navigate them.
Private benefits exchanges exist to give employees the ability to choose their own benefits from an array of provider and plan choices offered by their employer. But not all benefits exchanges are the same and should be evaluated largely on the breadth of meaningful choice in plan designs and the merits of its decision support.
Ready to Learn More?
Download our latest whitepaper, “Decision Support Systems for Benefits: Framework and Evaluation,” to learn:
• Why is choice in benefits important?
• What is decision support?
• What are the different types of decision support?
• How can we evaluate the success of a decision support system?
• What should you look for in a decision support system?
See all Liazon whitepapers to learn more about the ever-changing world of private exchanges and why choice in employee benefits matters.