How is it that we make purchases on Amazon.com with a touch on a smartphone, yet many of us still buy group health insurance with paper and a pen? The discrepancy between the two different experiences is confounding. Yes, I would like to clarify that there are fundamental differences between buying Cards Against Humanity on Amazon.com and choosing the right health plan for you and your dependents. However, the marketplace tells us that those two different experiences will be converging. Employers are adopting technologies to more efficiently and accurately manage their benefits and human resource processes and employees are demanding that they do so. Continue reading Online Consumerism and Private Healthcare Exchanges
The health care industry is experiencing a tremendous amount of merger and acquisition activity right now, which is impacting hospital systems, providers, insurance carriers, health care advisors, and ultimately, consumers. While stakeholders are taking sides, the recent spate of activity should not come as a major surprise as it has been occurring for many years. Do these facts sound familiar? Continue reading A Perspective on Health Care Industry Consolidation
The Affordable Care Act (ACA) has dominated our employer conversation for two years (if not more) with strategic planning, reporting solutions/management, and ongoing education. Currently, the conversation is fueled by changes in the rating system for employers with 50-99 eligible employees and the endless annual reporting requirement calendar. However, the most costly and time consuming changes are surrounding the 6055 and 6056 reporting.
As employee benefits consultants, our job is to simplify the complex world of employee benefits and the ever-changing health care system. This includes assisting human resource and finance departments by sitting in on calls with their payroll companies, offering quotes from reporting specialty companies, or installing a proprietary HRIS based self-service platform designed to provide solutions in the wake of the 6055 and 6056 reporting storm. Continue reading Is Your Carrier Invested in Your Company’s Strategy?
I’m a Millennial. As an older member of the generation initially referred to by sociologists as Generation Y, there are marked differences between me and my sociological cohorts however. I’m married, have two daughters, pay a mortgage (and some pretty hefty property taxes) and sing tenor in my church’s choir– in other words, not your typical Millennial and an illustration of the limitations of “one-size-fits-all” labels. I do share my generation’s affinity for variety, customization and technology. As more and more Millennials enter young adulthood and join the workforce, our society has developed and adopted new products, technology and distribution channels that cater to Millennials’ tastes (and the shifting demands of the society at large) at a dizzying pace. In the midst of all this economic change, there is one market that’s remained largely stagnant: employer-sponsored health coverage. Continue reading Private Exchanges: A Millennial’s Perspective