Cincinnati, Ohio (PRWEB) December 05, 2013
HORAN, a leading advisor in employee benefits and financial services, announces national health care costs continue to increase for both plan sponsors and their employees, according to the 2013 Health Plan Survey conducted by its national partner, United Benefit Advisors (UBA), the nation's largest independent benefits advisory organization.
The 2013 UBA Health Plan Survey provides the best source of data for area employers to benchmark their health plan based upon plan type, region, state, number of employees and industry category. This unparal¬leled number of reported plans studied is nearly three times larger than the next two of the nation’s largest health plan benchmarking surveys combined. The resulting volume of data provides employers of all sizes (other surveys primarily target large employers) more detailed — and therefore more meaningful — benchmarks and trends to manage health care benefit programs than any other source.
As the only UBA firm in the region, HORAN has exclusive access to the survey data and can provide employers with a free, local benefits benchmarking report which illustrates more granular and accurate data.
“As health care plan offerings and the federal regulatory environment become more complex, benchmarking data such as the 2013 UBA Health Plan Survey have become increasingly critical for employers looking to effectively manage their health care benefit programs,” said Valerie Bogdan-Powers, HORAN Vice President of Employee Benefits Services. “Providing an attractive, competitive and cost-effective health plan is criti¬cally important to local employers. In order to provide such a plan, understanding how your health plan compares to other similar companies is crucial.”
One noticeable trend from this year’s survey is an increase from 2012 in the percentage of consumer driven health plans (CDHPs) offered in the United States. Nationally, CDHP plans grew the most from 22.5% to 24.1%for all industries and all size groups. In the North Central region, which includes Ohio and Kentucky, CDHPs were 29% of plans offered, the highest of any region. CDHPs represent 38.3% of plans offered in Ohio, up 4% from last year.
Other notable trends include:
With responses from 16,928 health plans sponsored from nearly 11,000 employers nationwide, the 2013 UBA Health Plan Survey is the nation’s largest and most comprehensive survey of plan design and plan cost benchmarks.
“The intent of the survey is to provide employers of all sizes the data they need to determine which types of plans are most popular in their area and those being phased out, average employee costs and participation, how their plans compare against competitors’ plans and relevant information to negotiate their rates and communicate plan advantages to their employees,” said Bogdan-Powers.
HORAN has a multi-disciplinary team dedicated to advising employers on all aspects of health benefits. The 2013 UBA Health Plan Survey as well as additional publications, compliance alerts, webinars and seminars will continue to be provided to give further guidance to clients as a part of HORAN’s commitment to educate on best practice benefits strategies to support business objectives.
For 65 years, HORAN has served as a trusted advisor and thorough planner in the areas of life insurance for estate and business planning, employee benefits consulting and wealth management.
Headquartered in Cincinnati, Ohio, with a Regional Office in Dayton, Ohio, HORAN serves both corporate and individual clients in 40 states. HORAN has a strong regional presence with a national footprint. We bring the best services, resources and value to our clients through premier national partnerships with M Financial Group, United Benefit Advisors and Retirement Planning Advisory Group.
Our integrity, commitment to excellence and industry knowledge are foundations upon which HORAN has built a reputation for delivering high quality products and services. Visit horanassoc.com to learn more.
About the UBA Health Plan Survey
Data in the 2013 UBA Health Plan Survey are based on responses from 10,551 employers sponsoring 16,928 health plans nationwide. The 2013 UBA Health Plan Survey offers more than national data and recommends that employers benchmark with local data, which are more effective when adjusting plan design, negotiating rates and communicating value to employees. Contact HORAN for a customized benchmark survey based on industry, region and business size.
About United Benefit Advisors
United Benefit Advisors is the nation’s leading independent employee benefits advisory organization with more than 200 offices throughout the U.S., Canada and the U.K. Visit http://www.UBAbenefits.com to learn more.