Nearly One in Four Employers Say Private Health Insurance Exchanges Could Provide a Viable Alternative for Full-Time Active E...
25 Settembre 2014 - 3:05PM
Business Wire
Employers’ interest in private exchanges driven by desire to
save money, encourage consumerism
Results of a July 2014 survey of midsize to large employers by
global professional services company Towers Watson (NYSE,
NASDAQ:TW) showed that 28% said they had already extensively
evaluated the viability of private exchanges. Nearly one in four
(24%) said private exchanges could provide a viable alternative for
their active full-time employees as soon as 2016.
The results are from the 2014 Towers Watson Health Care Changes
Ahead Survey, which was completed by 379 employee benefit
professionals from a variety of industries and reflect health care
benefit decisions for 2016 – 2017.
The survey also revealed that the top three factors that would
cause employers to adopt a private exchange for full-time active
employees are:
- Evidence they can deliver greater value
than their current self-managed model (64%)
- Adoption of private exchanges by other
large companies in their industry (34%)
- An inability to stay below the excise
tax ceiling as 2018 approaches (26%)
Public Exchanges Not Considered Viable for Full-Time Active
Employees
In contrast, nearly all employers surveyed (99.5%) said they
have no plan to exit health benefits for active employees and
direct them and their families to public exchanges, with or without
a financial subsidy. More than three out of four employers (77%)
said they are not at all confident public exchanges will provide a
viable alternative for their active full-time employees in 2015 or
2016.
“Private exchanges are a relatively new path for many
employers — one that has only recently become available to provide
benefits for active employees,” said Dave Osterndorf, a managing
director with Towers Watson’s OneExchange. “However, with the
Patient Protection and Affordable Care Act’s excise tax top of mind
for large employers, and with the potential to cost companies
billions of dollars unless they act now to keep the cost of health
benefits below government-mandated thresholds in 2018 and beyond,
new solutions are necessary. Even employers that have managed to
keep increases in their health care benefit costs lower than
industry averages are working very hard to maintain that success.
Private exchanges offer employers a new opportunity to save on
health care coverage with a reduced operational burden, which is
the main reason they are more seriously evaluating them for their
active employees.”
Data from the 2014 Towers Watson Health Care Changes Ahead
Survey revealed that nearly three-quarters (73%) of employers said
they are somewhat or very concerned they will trigger the excise
tax based on their current plans and cost trajectory. More than
four in 10 (43%) said avoiding the excise tax is the top priority
for their health care strategies in 2015.
Osterndorf added, “Effective private exchanges can provide value
in many ways. For example, as more employers move to account-based
health plans, they can realize the promise of avoiding the excise
tax while providing the added benefit of putting employees in
charge of how their health care dollars are spent. Private
exchanges offer more choice, including account-based plans, with
the tools and support for helping employees make better health
decisions, and recognize the connection between their physical and
financial well-being. Employee understanding and engagement are
critical to the long-term sustainability of an employer’s program.
Private exchanges can accelerate the fulfillment of that goal.”
According to the 19th Annual Towers Watson National
Business Group on Health Employer Survey on Purchasing Value in
Health Care, released in March 2014, nearly three-quarters of
respondents currently offer account-based health plans (ABHPs),
with another 9% expecting to add one for the first time in 2015.
Nearly 16% of respondents have adopted ABHPs as their only plan
option, up from only 7% in 2012. Nearly one-third of all companies
could offer ABHPs as their only option by 2015, if they follow
through with current plans.
About the Surveys
The 2014 Towers Watson Health Care Changes Ahead Survey offers
insights into the focus and timing of U.S. employers’ plans and
perspectives related to their health benefits, and their efforts to
better manage costs and employee engagement, as well as their
planned responses to the business risks associated with the 2018
excise tax. The survey was completed during July 2014 by 379
employee benefit professionals from midsize to large companies
across a variety of industries and reflects respondents’ 2014 –
2017 health care benefit decisions. The responding companies
comprise a broad range of industries and business sizes, and
collectively employ 8.7 million employees.
The 19th Annual Towers Watson/National Business Group on Health
Employer Survey on Purchasing Value in Health Care tracks
employers’ strategies and practices, and the results of their
efforts to provide and manage health benefits for their workforce.
This report identifies the actions of high-performing companies, as
well as current trends in the health care benefit programs of U.S.
employers with at least 1,000 employees. The survey was completed
by 595 employers between November 2013 and January 2014.
Respondents collectively employ 11.3 million full-time employees,
have 7.8 million employees enrolled in their health care programs
and represent all major industry sectors.
ABOUT TOWERS WATSON
Towers Watson (NYSE, NASDAQ: TW) is a leading global
professional services company that helps organizations improve
performance through effective people, risk and financial
management. The company offers consulting, technology and solutions
in the areas of benefits, talent management, rewards, and risk and
capital management. Towers Watson has more than 14,000 associates
around the world and is located on the web at towerswatson.com.
Media:Towers WatsonRob Wyse,
+1-212-920-1470rob@capital-content.comorMelanie Meharchand,
+1-650-292-8717melanie.meharchand@towerswatson.com
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