America's Benefit Specialist December 2022

HOW ICHRAs SOLVE TODAY’S TOP BENEFITS PROBLEMS

By John Kelly CEO, Nexben Minneapolis, Minnesota jkelly@nexben.com

That surpassed the previous high mark of 4.51 million in November 2021. 3

two-thirds of employees reported that they think their employer should pay more for their health benefits. For today’s employees, benefits aren’t just a perk—they’re a major player in attracting and retaining talent. In the Quest Diagnos tics Report, 36% of those thinking about changing jobs cited the need for better healthcare benefits as a reason why they are looking. These insights are a big deal considering today’s unprecedented job market as mil lions of people leave their jobs. In March, a record 4.53 million people quit their jobs.

Last spring a pair of surveys rolled out, highlighting the current state of health benefits: “2022 Emerging Trends in Health Care Survey” 1 from Willis Towers Watson and “2022 Health at Work: A Report from Quest Diagnostics.” 2 The results? Not so great… but there is a solution. EMPLOYEES DEMAND BETTER BENEFITS The surveys affirmed that employees want better and more affordable healthcare benefits from their employers. In fact, in the Quest Diagnostics Report, a whopping

EMPLOYERS NEED MORE COST CONTROL

The surveys also revealed what many of your clients already know: Companies are struggling to control the costs of offering employee benefits. Healthcare costs have been rising faster than inflation for years, leading to higher premium rates for health insurance. In simple terms, employers and employees are spending a higher percent age of their revenue on healthcare benefits today than they did 10 years ago. It’s no wonder that 94% of U.S. employers say that controlling the cost of healthcare benefits is a top priority. 4 This priority is mirrored in the Quest Diagnostics Report, which found that 90% of HR executives believe employers need to control health insurance expenses more.

BROKERS SHOULD LOOK FOR ICHRAs THAT MAKE IT EASY FOR EVERYONE WITH ONLINE, ALL-IN-ONE SOLUTIONS.

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