We’re excited to share the first annual PlanSource Benefits Benchmark Report. In this report, we showcase this year’s top trends for employee benefits enrollment, benefit types offered, contribution amounts and more.
This groundbreaking annual report is based on real user data from the PlanSource benefits administration platform. The enrollment data represents trends established from the more than 92 million benefit elections that have been made in our system.
If you’re wondering what the report contains and what to make of the data—we’ve got you covered with our top takeaways for 2019.
1.) Costs Are Rising—Focus On Cost Control
The fact that the cost of health care is on the rise is not news. However, the rate of increase most definitely is.
We saw an 8%-9% increase in premiums in just one year. This is more than any other industry report predicted! Combat continued inflation by implementing cost control initiatives like strategic surcharges, high deductible plan options and decision support tools.
2.) Employees Expect Choices—Diversify Your Benefits
Another key trend we noted in 2019 is the slow and steady growth in the number of health plans and the total number of benefits offered. And, several niche benefit offerings are gaining traction as more employers diversify their offerings.
Compare your organization size with the general offering trends we illustrated and take note of the most popular benefits offerings.
How do your benefits stack up against the crowd?
3.) Open Enrollment Is Still Confusing—Make It Simple
Most HR professionals assume that employees are waiting until the last minute to enroll. Our data supports this claim with over 40% of employees enrolling at the end of the OE window.
Our data also supports the stat that employees spend less than 20 minutes enrolling in benefits, with the average employee spending only 18 total minutes on enrollment.
Arm employees with the information they need to confidently complete enrollment by simplifying your messages, taking a holistic approach to benefits education and investing in technology and tools to help employees make better benefits decisions.
Check out our Open Enrollment Kit for free templates, best practices, print materials and more!