Voluntary benefit solutions provider, Clarity Benefit Solutions, shares top industry trends from 2019.
The year 2019 has been one of anticipation and excitement in the benefits industry—thanks to technology advancements coupled with a focus on personalizing benefits. Here are some top industry trends this year has seen.
One of the top 2019 trending benefits is the rise of account-based health plans. Larger employers will offer Health Reimbursement Arrangements (HRAs) that permit employees to purchase individualized coverage rather than the traditional employer-sponsored group coverage. Additionally, employees will have more opportunities to contribute to Health Savings Accounts (HSAs). Employers should make an effort to educate their employees on the myriad of benefits these plans afford them.
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Another trend is the growth of direct contracting with health care providers. Continuing rising healthcare costs have resulted in employers aiming to improve employees’ access to lower-cost, higher-quality health care. Employers are contracting directly with both doctors and hospitals so they can provide employees with the best healthcare options to suit their individualized needs.
In conjunction with the trend toward reaching out to benefits providers, employers are personalizing voluntary benefits to further fine-tune the employee benefits experience, which will result in employees being fully engaged in this experience. Offering the full gamut of voluntary benefits is also an effective way to satisfy the needs of a multigenerational workforce.
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Additionally, employers are becoming family-friendly at a faster pace. In an effort to attract top talent, progressive employers are implementing exceptional parental-leave programs—as well as family leave initiatives—that will involve both mothers and fathers.
Employees’ emotional health is also important to employers. In 2019, they will provide more access to behavioral programs and services. Employees can look forward to seeking treatment for anxiety and stress issues as well as depression, offering services such as virtual and online counseling.
Finally, the advent of technology is a top 2019 benefits trend—specifically decision-making tools that assist employees in selection the best benefit options for their current situation. For employers, this means that the entire benefits process is simplified and streamlined.
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