CorpStrat analyzes multiple survey data, such as the annual Kaiser Foundation Survey of Employee Benefits, alongside other industry intel reports, to provide clients with a holistic view of market trends.
This allows companies to benchmark their offerings against similar-sized businesses in their industry, ensuring competitiveness in attracting and retaining talent.
For example, using insights from the KFF survey, CorpStrat works closely with clients to design benefits plans.
We consider factors such as:
– Premium costs (average annual premiums were $8,435 for single coverage and $23,968 for family coverage in 2023)
– Employee contributions (workers contributed an average of 17% for single coverage and 29% for family coverage)
– Popular plan types (PPOs covered 47% of workers, followed by HDHP/SOs at 29%.
CorpStrat helps clients develop cost-sharing approaches that balance affordability for employees with the company’s financial objectives.
For example, employers might consider that:
– 90% of workers with single coverage have a general annual deductible
– The average deductible for single coverage is $1,735
– 31% of covered workers have a general annual deductible of $2,000 or more for single coverage.
Trend Analysis and Innovation – CorpStrat analyzes multi-year data to identify emerging trends, such as:
– The growing importance of telemedicine (91% of large employers covered telemedicine services in their largest health plan)
– The prevalence of wellness programs (62% of small firms and 80% of large firms offered at least one wellness program)[1]
Compliance Guidance – With its understanding of industry benchmarks and regulatory requirements, CorpStrat ensures that clients’ benefits packages meet market standards and comply with relevant laws such as affordability requirements of the ACA.
Communication Support – CorpStrat assists clients in effectively communicating the value of their benefits packages to employees, contextualizing the company’s offerings within broader market trends.
Ongoing Optimization – The firm provides continuous support, regularly reviewing and adjusting benefits strategies based on the latest survey data and client feedback. This ensures that benefit offerings remain optimized and aligned with both employee needs and company objectives.
By leveraging these industry tools and its expertise, CorpStrat empowers clients to make informed decisions about their benefits strategies, creating competitive, cost-effective packages that support employee well-being and contribute to overall business success.
Citations:
https://www.kff.org/report-section/ehbs-2023-summary-of-findings/