America's Benefit Specialist June 2023

NOTEWORTHY

WELLNET RELEASES HEALTHCARE TRENDS SURVEY RESULTS WellNet Healthcare has released the results of its 2023 Health care Trends Survey, a deep dive into the advisor and executive mindset around employee benefit strategies, financing and outcomes. For two years, WellNet released the Self-Insured Survey to gain insights on how brokers design, sell and implement alternative solutions for their clients. It elevated this research to launch the all-encompassing 2023 Healthcare Trends Sur vey—uncovering top of mind insights from both advisors and company leaders. Are brokers as tuned into employer needs as they believe? Do employers know as much about self-funding as we think? The 2023 Healthcare Trends Survey analyzed responses from hundreds of advisors & executives (CEOs, CFOs and HR managers), ranging from midsize to large organizations and independent, regional and large advisory firms. Key findings uncovered this division: There is alignment between consul tants and their audience’s core values; however, there needs to be more consistency between the relevance and priority level of those needs. One example is the employer mindset facing inflation rates, labor shortages & recessionary challenges. Brokers noted that 20% of their clients still prefer a turn-key health plan from traditional health insurance companies. In contrast, 60% of surveyed employers favored a turn-key health plan in this choppy economy. This finding is positive for the broker & employer relation ship—lending the opportunity to educate and empower executives on powerful alternatives. Nearly all other employers responded (40%) they’re open to the autonomy of building a health plan that places them in control. C-Suite & Advisor Alignment: The C-suite/broker disconnect is demonstrated in various responses, most notably the relevance and importance of data. The industry leads with the need for substantial data, yet just 13% of employers identified “actionable data analytics as a minimum requirement for a plan adminis trator.” Advisors also need help understanding the increased value benefits have to employees in a post-COVID workplace. Broker Priorities: Employers understand they can negotiate their health plan, yet they remain fully insured because they believe it’s “too risky for their company to go self-funded.” With over half of the brokers surveyed saying just 25% of their clients have an engaged C-suite, therein lies the challenge to get buy-in on alternative solutions. Employer Needs: Executives are staying the course with minimal changes because they need better education & more ways to increase results. “Creating a Culture of Health” is the highest rated of the top three priorities and it’s our responsibil

REPORT REVEALS ADULTS RECOGNIZE THE IMPORTANCE OF ORAL HEALTH TO OVERALL WELL-BEING Delta Dental recently released its 2023 State of America’s Oral Health and Wellness Report, a nationwide analysis of consum er opinions and behaviors relating to oral health. The report shows oral health knowledge and habits vary across generational groups, despite a strong understanding of the critical connection between oral health and overall health. Delta Dental commissioned the research, which included more than 2,000 U.S. adults and parents of children 12 and under. The report further indicates that adults and children plan to keep up with positive dental hygiene habits that were cultivat ed during the pandemic, and a notable portion of adults are turning to alternative oral care products. Here are the key findings from the report: A generational knowledge gap exists. • Most U.S. adults (92%) and parents (96%) say they consider oral health to be very important to overall health. • However, when asked if maintaining good oral health enables a healthier lifestyle, 73% of Gen Z agreed com pared to a higher average of 90% for Millennials, Gen X, and Boomers. Gen Z seeks oral care products outside of medicine cabinet staples. • Gen Z is a driving force behind alternative oral care product usage, as they are almost twice as likely as Boomers (66% versus 36%) to use eco-friendly or non-traditional dental products. • One in 10 adults turn to eco-friendly oral care products such as bamboo or plant-based toothbrushes. Preventive care helps avoid serious dental issues and expenses. • Approximately 4 in 5 adults (81%) who maintained regular dental visits said they did not require future unexpected care, showing that prevention works. • Top motivators of practicing proper oral health care among adults include saving money (87%) and preventing dental issues such as cavities and gum disease (66%). YEAR-END HEALTH INSURANCE ENROLLMENT TRENDS Mark Farrah Associates recently released a year-end 2022 health insurance segment enrollment update. MFA compared membership between fourth quarter 2021 with fourth quarter 2022 to provide greater insight into enrollment trends for the Individual, group, ASO, Medicare Advantage and Medicaid

ity to define a scalable roadmap to get there. Visit www.wellnet.com to download full report.

18 ABS | benefitspecialistmagazine.com