WellNet Self-Insured Survey Reveals Growing Demand for Lower-Cost, Higher-Quality Healthcare Options

Strategic Insights -

In the wake of the Amazon, Berkshire Hathaway, and JPMorgan Chase Haven health venture shutdown, insurance brokers and consultants are accelerating employer demands for access to lower-cost, higher-quality care and service. To better understand this shift, WellNet Healthcare, a national healthcare and administration firm, conducted its first annual WellNet Self-Insured Survey. In collaboration with Daily Insurance Report, the survey gathered insights from over 275 brokers and consultants with experience in both fully insured and self-funded plan design. The findings provide a data-driven synopsis on the state of self-insured healthcare and offer valuable insights for the employer healthcare industry.

Key Takeaways:

  • Nearly 90% of surveyed advisors acknowledge the long-term benefits of self-funded insurance and do not believe that working with large insurance carriers is in the best interest of their clients.
  • 92% of C-suite executives prioritize cost when choosing healthcare options for their employees, with 74% of advisors believing clients can achieve savings by strategically guiding employees to lower-cost options.
  • 82% of polled advisors stress that managing high-cost claimants is a top priority for employers over the next five years, along with reducing the spend of specialty medications as the close second.
  • To consider moving away from traditional health plans, employers would need to see an average of 15% savings.
  • Service and responsiveness of a provider were noted as key decision factors (62%), along with the likelihood of employee resistance (50%).
  • The results of the survey are seen as extremely beneficial and eye-opening for businesses, offering valuable insights into how companies are successfully moving to self-funding and where they can find immediate savings.

Statistics:

  • 90% of insurance advisors surveyed believe in the long-term benefits of self-funded insurance.
  • 92% of C-suite executives prioritize cost when choosing healthcare options for their employees.
  • 74% of advisors believe clients can achieve savings by strategically guiding employees to lower-cost options.
  • 82% of polled advisors stress that managing high-cost claimants is a top priority for employers over the next five years.
  • Employers would need to see an average of 15% savings to consider moving away from traditional health plans.
  • 62% of advisors note the service and responsiveness of a provider as a key decision factor, while 50% mention the likelihood of employee resistance.

Sources:

  • [National healthcare and administration firm WellNet Healthcare press release]
  • [Daily Insurance Report]