Published on BUSINESSWIRE
January 21, 2021 at 10 am Eastern Standard Time
WellNet’s Self-Insured Survey Reveals 90% of Insurance Advisors Do Not Believe Big Health Insurance Companies Help Employers Reduce Their Health Spend
In the wake of the Amazon, Berkshire Hathaway and JPMorgan Chase Haven health venture shutdown, brokers and consultants accelerate employer demands for access to lower cost, higher quality care and service
Bethesda, MD, January 21, 2020 – WellNet Healthcare, a national healthcare and administration firm providing affordable group health insurance for companies and their employees, launched the first annual WellNet Self-Insured Survey. In collaboration with Daily Insurance Report, the inaugural survey uncovers 20+ insights from 275+ brokers and consultants with experience in both fully insured and self-funded plan design.
The survey addresses a wide range of topics around cost containment and alternative funding strategies. Overwhelming, nearly 90% of advisors surveyed acknowledge the long-term benefits of self-funded insurance and do not feel that working with large insurance carriers is in the best interest of their clients.
Big discoveries in the report focus on self-funding adoption, influential healthcare trends, top health and wellness priorities and C-suite executive concerns. Questions were designed to engage the broker community, understand the perspectives of insurance professionals, identify the needs of the American workforce and create a data-driven synopsis on the state of self-insured healthcare.
The findings are insightful for the employer healthcare industry as both insurance advisers and business leaders retool in the ongoing global pandemic. Not surprisingly, respondents shared that 92% of C-suite executives look primarily to cost when it comes to choosing healthcare options for their employees. 74% of the advisers polled believe their clients can achieve these savings by strategically guiding employees to lower cost options.
When it comes to implementation and adoption for cost reduction, 82% of the polled advisors stressed that managing high-cost claimants was a top priority for employers over the next five years, along with reducing the spend of specialty medications as the close second.
They also reported that their clients would need to see an average of 15% savings in order to consider moving away from traditional health plans to aggressively lower the health spend. Service and responsiveness of a provider were also noted as a key decision factor (62%) along with the likelihood of employee resistance (50%).
“I found the results in this study extremely eye-opening and beneficial for my business,” says Veronica Verona, Vice President of All Atlantic Benefits. “My clients want to see real data and insights into how companies are successfully moving to self-funding and where they will find immediate savings. This information offers the insight we can’t provide at scale.
Keith Lemer, CEO of WellNet echoes that perspective, “The results of this survey are not a surprise based on what we hear from customers every day. Health insurance costs are simply unaffordable for many businesses, and self-funded options can address many of the issues around cost, while providing excellent healthcare.”
He adds, “Traditional models no longer work, and the brokers and consultants on the frontlines are encouraging their clients to look at self-funded options for their benefit and the benefit of their employees. To educate and empower both the consultants and their clients, we must provide more awareness, education and research behind the successful adoption of alternative funding strategies that have a massive impact on the cost, quality and access to care.”
To gain first access to the survey and for a deeper dive into the data, register for the upcoming livecast on Thursday, January 28 at 1 pm et here: https://wellnet.com/selfinsuredsurvey/.
Celebrating 25+ years, WellNet is a privately held company providing lower cost, level funded and self-funded health plans for employers offering group health insurance. With access to National PPO networks, WellNet makes health insurance easier to access and understand, while lowering the healthcare spend in the process. A large part of WellNet’s value proposition is our cloud-based administration system that runs the health plan on a streamlined platform. To combat misaligned incentives and vested interests from the mega-insurance companies, our data-focused health plan provides the visibility needed to manage, measure and offer better care options for employees and their families. Please visit: wellnet.com
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