America's Benefit Specialist October 2023

NOTEWORTHY

Historically, the Original Tooth Fairy Poll has mirrored the economy’s overall direction, tracking with the trends of Standard & Poor’s 500 Index (S&P 500). However, while the average value of a single lost tooth increased 16% over the past year, the S&P 500 experienced an 11% decline during the same period. CONSUMER HEALTH INSURANCE REPORT VALIDATES MEMBERS’ DEMAND FOR IMPROVED EXPERIENCES Carenet Health, a provider of on-demand patient-engage ment solutions, recently announced the findings of its first consumer health insurance report. It reveals members’ perceptions about their insurance plans and validates their demand for improved experiences. As healthcare costs across the country continue to rise and consumers have increasing options to choose from to manage their care experience, the survey findings provide an in-depth overview of how mem bers view their commercial, Medicare and Medicaid insur ance plans. The findings in the report, Healthcare Consumer Insights: Understanding the Health Insurance Member Experience, uncover opportunities for insurance carriers to improve their overall member experience through more personalized customer support, better education surrounding available benefits, and the importance of fostering trust and a sense of empathy for members. Included in the findings, the survey reveals that 78.9% of Medicare members feel their insurer cares about their health and wellbeing, nearly half (44.6%) of Medicaid members have accessed their insurer’s nurse help line, and 30.7% of all respondents were not aware of all the benefits in their health plan. Key report findings: Most Medicare members (78.9%) and Medicaid members (74.1%) said they feel that their insurance company cares about their health and wellbeing. However, only 60.5% of those with commercial plans said they think their insur ance company cares about their health and wellbeing. The perception of Medicare members who feel that their insurer cares about them has a direct correlation with brand loyalty, as nine out of 10 respondents insured by Medicare (91.1%) indicated that they are either very loyal or moderately loyal to their insurance company. More than 84% of Medicare members and nearly 75% of Medicaid members rated their level of trust in their insur ance company as either good or excellent, compared with just under 65% of those with commercial insurance who felt the same way. These findings challenge the assump tion that the commercial insurance consumer experience is inherently superior to Medicare and Medicaid. As most respondents (60.8%) who recently contacted their insurance

with 74% in 2022 and 64% in 2023. Employers indicated concerns with virtual health, including a lack of integration among solutions. Employers’ health-equity approaches continue to evolve, with a focus on specific communities and populations within the workforce. In 2024, many employers (86%) said they would collaborate with employee resource groups (ERGs) to promote benefits and well-being initiatives to specific groups, while 61% said they would require health plan and navigation partners to maintain directories of healthcare and mental-health providers. In addition, 85% of employers plan to implement at least one strategy to support the health and well-being needs of LGBTQ+ employees. POLL FINDS TOOTH FAIRY WELCOMED INTO MOST U.S. HOMES In recognition of National Tooth Fairy Day on August 22, Del ta Dental released additional findings from its 2023 Original Tooth Fairy Poll. The poll, now in its 25th year, finds the Tooth Fairy is welcomed into an overwhelming majority (81%) of U.S. homes. Further, the delight of the Tooth Fairy is experienced by children and parents alike. More than one in three (36%) parents say the Tooth Fairy instills good oral health habits in their children, and in anticipation of the Tooth Fairy’s arrival, 27% of children head to bed early. “The Tooth Fairy is a beloved visitor into homes across the country and helps foster proper oral hygiene habits at an early age, which in turn supports overall health,” said Gabri ella Ferroni, senior director, strategic communications, Delta Dental Plans Association. “To encourage positive dental care, parents can remind their children the Tooth Fairy prefers the cleanest, healthiest teeth. We look forward to seeing how traditions evolve over the next 25 years.” Highlights from this year’s poll: • The average value of a single lost tooth during the past year increased 16% from $5.36 to $6.23—a record high in the 25-year history of the poll. • Since the poll’s inception, the average cash gift left by the Tooth Fairy has surged 379% from $1.30 to $6.23 per tooth. At this rate, in 2048 the Tooth Fairy would be leaving a whopping $30 under the pillow for a single tooth, which equates to a staggering $600 for a full set of 20 primary teeth. • Further, 20% of children receive both money and some thing else, such as a physical gift, for each tooth they lose. • The average value of a first tooth is $7.29, which is just over a dollar more than a typical tooth receives. • One-third (33%) of parents say the Tooth Fairy spends more on the child’s first tooth than any future teeth.

10 ABS | benefitspecialistmagazine.com