As open enrollment ends, many HR Benefits Managers feel the relief of being past the rush. But, following open enrollment is a time of reflection and strategy. It’s the perfect time to decide what new benefits you’d like to offer your employees in the following years, and what changes the company needs to make to their benefit offerings.
That decision can rely on many factors including what your employees have been asking for, your company’s 2020 budget, and what simply works best for the size and type of your company. New trends and offerings can also work to influence your decisions. So, what will be on the horizon for 2020? We’ve looked at the trends, and here are our predictions for the top benefit trends to watch in 2020.
The price of healthcare is rising in the United States, and both employers and employees are likely to notice the increase in 2020. The latest surveys indicate that healthcare costs are likely to rise 5% over the year. From higher deductibles to higher premiums, the prices are going up.
Employees are going to be looking to their employer for support. Cost-saving measures and benefits will be the key to balancing these changes. To keep up with this trend, make sure you know exactly how prices will change for both you and your employees over the coming year.
Telemedicine and its associated benefits are becoming more and more popular. With nearly 75% of employers offering telemedicine benefits in 2018, it’s expected that in the next few years, telemedicine will be a standard benefit included in healthcare benefits packages.
And employees aren’t just expecting the benefit, they’re looking for telemedicine to be both a convenience and cost-saving addition with incentives like co-pay discounts offered. When choosing benefits offerings for your employees for 2021, make sure telemedicine is both included and incentivized.
There’s no doubt that the healthcare system and associated benefits are becoming more complex. Employees expect more diverse offerings, and the rules and regulations continue to shift. As the options expand and the costs rise, many employers are looking for one on one, high-touch services to help them navigate the confusing waters.
When researching plans and benefits this year, dig deep to find out exactly how much contact you’ll have with vendors and plan managers. Make sure you have easy access to someone who can answer questions and help you choose the right benefits for your company, because rules, regulations, and costs will continue to change.
Customization and personalization are trends across the board, and the expectation of being able to tailor services has made its way to employee benefits as well. Employees don’t want one-size-fits-all plans, so they expect their employers to offer a variety of diverse voluntary benefits, which they can add or exclude to their plans.
These voluntary benefits range from short term disability, expanded critical illness coverage, to wellness benefits and even pet health coverage. What you choose to offer depends on what’s right for your employees, but make sure you have a variety of options they can add to their primary health and pharmacy plans.
The oldest in Generation Z are just now starting to enter the workforce, but they’ve spent their teenage years looking up to social media influencers and serial entrepreneurs. The verdict is still out as to whether Generation Z will take on more traditional employment roles. Which leaves Generation X and Millennials as most of the workforce.
Many millennials are now starting their families, and as Baby Boomers age, the oldest in Generation X are starting to care for elderly parents. What all of this generational talk means is that there will be a strong focus on families in the coming years. Employees are going to expect benefits and programs that help reduce costs while supporting their expanding family needs.
Make sure you have a finger on the pulse of both what your employees need and what national trends you’re competing against. At ProAct, we can help you figure out how to balance these needs and trends with your company’s budget. We are proud of our high-touch service, and we’d love to help you navigate 2020 benefit trends. Contact us today to get started.