The annual report reveals that while a majority of benefit leaders view their healthcare benefits as the best possible for their workforce, they are aware that their employees may need more — and they're concerned about the rising costs.
NEW YORK, April 04, 2023 /PRNewswire-PRWeb/ -- A new editorial research report from Arizent, parent company of Employee Benefit News, sponsored by Quantum Health, a leader in healthcare navigation and care coordination, explores the current state of healthcare benefits for employers and their employees in 2023. The study reveals that while a majority of benefit leaders view their benefits as the best possible for their workforce, they are aware that their employees may need more — and they're concerned about the rising costs.
The research shows that employers and employees share an optimistic view of current benefits offerings. But while employers are confident their employees have the resources to make good healthcare decisions, a majority of employees do not get any help navigating their healthcare benefits. This can lead to frustration and hesitancy to seek care, which is no doubt why both employers and employees say their healthcare navigation tools could be better.
In fact, healthcare navigation is at the bottom of employers' and employees' rankings. Approximately 50% of employers report feeling less confident in their healthcare navigation benefits and 26% of employees feel either minimally satisfied or completely unsatisfied with the navigation tools they are being offered.
"Employers generally believe they're providing the best healthcare benefits possible given their financial constraints," says Janet King, VP of Research for Arizent. "They should continue to evaluate their offerings to make sure they're accessible and effective, especially on the virtual health front. Those employers who are willing to go beyond table stakes benefits are better positioned to address wellness more holistically, from family-building assistance to an array of digital health tools."
And the majority of employers are looking to go beyond. Despite financial constraints, the report shows that 53% of benefits leaders are getting creative by offering innovative benefits instead of traditional plans. Over 80% reported having digital tools for healthcare navigation, fitness tracking, chronic condition management and more.
When it comes to the benefits being used the most, mental health support, family-building assistance and paid parental leave land toward the bottom, while more standard benefits like health insurance, dental insurance, paid sick leave and vision insurance are at the top.
"While this may sway employers from investing in more 'innovative' healthcare benefits, it's crucial to note that receiving mental health help, or taking months of planned leave to care for a new child, may be subconsciously frowned upon in the employee's work culture or discouraged by management," King continues. "Just because a benefit is offered doesn't mean employees will feel empowered to use it."
The full report can be downloaded here: https://www.benefitnews.com/research-report/the-state-of-healthcare-2023-is-your-benefits-game-plan-working-and-designed-to-endure
Research Methodology
This research was conducted online by Arizent/Employee Benefit News between January and February 2023. To qualify, the 165 respondents to the employer survey had to be involved in making benefits decisions for their company and the 517 respondents to the employee survey had to receive healthcare benefits from their employer.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent Research
Arizent delivers actionable insights through full-service research solutions that tap into their first-party data, industry SMEs and highly engaged communities across banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management. They have leading brands in financial services, including American Banker, The Bond Buyer, Financial Planning and National Mortgage News, and in professional services, such as Accounting Today, Employee Benefits News and Digital Insurance.
About Employee Benefit News
Employee Benefit News (EBN) is the primary media resource for decision makers in the worlds of employee benefits, human resources and workplace culture. As the dynamics of these spaces continue to shift and become increasingly complex, EBN delivers expert insights to allow business leaders to navigate their industries with agility. From helping benefits managers meet the challenges of reducing care costs and improving retirement plans to providing HR leaders with guidance on building a talented and diverse workforce, EBN drives the conversation and delivers the research and analysis to help readers support their companies' objectives.
About Quantum Health
Quantum Health is the industry-leading consumer healthcare navigation and care coordination company that delivers an unparalleled consumer experience to its members, as well as validated claims savings and high satisfaction rates for its self-insured employer clients. Quantum Health's proprietary Real-Time Intercept® model identifies opportunities for early intervention in a member's healthcare journey, resulting in better engagement, outcomes and cost efficiencies.
The company was founded in 1999 and is based in Dublin, Ohio. Since its inception, Quantum Health has earned numerous awards and honors, including being named among the Fastest-Growing Private Companies by Inc. 5000, and a Great Place to Work by FORTUNE Magazine and Entrepreneur Magazine. Quantum Health has consistently been named one of the 50 Fastest-Growing Women-Owned/Led Companies by the Women Presidents Organization, and Columbus Business First has consecutively honored Quantum Health as a Best Place to Work.
To learn more about these results and the company, visit Quantum-Health.com, and connect with us on LinkedIn and Twitter.
Media Contact
Janet King, Arizent, 212-803-8500, [email protected]
SOURCE Arizent
Share this article