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week ending November 8th, 2019 Employers are not only focusing on reducing their own health benefits spend, they know they need to reduce costs for employees. A Mercer survey identified ways midsize and large employers are doing so, but pointed out smaller employers may not have the same resources. A separate survey found 92% of small businesses are willing to work together to push for changes to make health care more affordable. Mercer found that to improve utilization of health benefit offerings, 41% of large and midsize employers say all or most of their benefit offerings are accessible to employees on a single, fully integrated digital platform (most often through a smartphone app), up from 34% in 2018. Doing so is one factor that can improve employers return on their health benefit investment. Enjoy this edition of PLANSPONSOR Weekend! Editor's Choice Benefits Employer Health Benefit Costs to Rise 6.5% in 2020 A focus on managing chronic conditions, and education to improve health care utilization can help employers manage cost increases. Benefits Survey Reveals Emerging Health Benefit Cost-Saving Measures Employers are encouraging the use of biosimilars instead of specialty pharmacy products, creating an environment that makes it clear and easy for employees to opt for high-value services, and engaging effective programs to help manage anxiety and stress. Benefits Employers Recognize Need to Reduce Health Benefit Costs for Employees Many are turning to innovative tech-enabled programs that cut costs for them while not shifting costs to employees, Mercer found. Benefits Small Businesses Willing to Band Together to Reduce Health Benefit Costs A survey found 92% of small businesses are willing to work together to push for changes to make health care more affordable, but there are options created by regulators that could help some of them now. Benefits Return on Health Benefits Investment Can Be Improved With Single Access Research found low engagement levels with health benefit programs, and one problem it identifies is employees are often required to access multiple disparate systems to learn about and access their full range of health benefits. Popular Reads Research 2022 Recordkeeping Survey Benefits How Plan Sponsors Can Shift Focus to Decumulation As most retirees no longer rely on a pension for lifetime income, plan sponsors should be exploring benefits that will support this population of participants. Benefits Robust Retirement Tiers Can Help Keep Participants In-Plan Plan sponsors who want to continue serving their retirees need to give them a reason to stay. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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