Trends in benefits, healthcare costs, and workforce development presented at Molyneaux’s 14th Annual Share to Compare
Molyneaux Insurance, Inc. held its 14th Annual Share to Compare event on July 25 in Bettendorf. This annual event showcases trends in healthcare and other employee benefits.
Molyneaux president, Roger Schemmel, kicked off this year's event, which began with an employer panel discussing workforce development.
Attracting and Retaining Employees
Moderated by Lena Krier of Molyneaux, panel members: Mandy Parchert from The HON Company, Paula Arends from Eastern Iowa Community College, Angela Bagby from Russell, and Kris Zeller from Cardiovascular Medicine, PC addressed such topics as:
Life expectancy is expected to grow, inflation continues to rise, and healthcare premiums are nearly double the increase in salaries. Further, 39% of health care costs are due to prescription drugs. Molyneaux's Don Feipel, Chris Boling, and Chris Bayer discussed the reality of healthcare costs and the impact of technology, the Affordable Care Act, narrow networks, and pharmacy.
There is no one-size-fits-all solution to the challenge; however, with some innovation that leverages technology, data, and employee education, employers willing to invest in a multi-year strategy can make a difference in the health of their plan.
Dave Mallen of HealthJoy provided a real-time demo of the HealthJoy app and virtual assistant. The technology uses artificial intelligence to provide employees with the user experience they expect, including a healthcare concierge, telemedicine, benefit plan specifics, and education.
With a centralized application for all benefits, it simplifies the experience for employees – helping them make better use of their health plan while improving outcomes and lowering costs.
For those attendees who participated in this year's employee benefits survey, the new benchmark workshop provided real-time results. Trends in health plan design, deductibles, coinsurance, and contribution were shared as attendees accessed and compared their companies' benefit plans to others in the same industry, region, or size.
Access to the Benefits Positioning System (BPS) was also provided, allowing attendees to view metrics on plan design, employee cost, and employer costs. BPS is a simple tool useful in identifying how small changes can impact the richness of a plan.
Hot topics in healthcare were also covered, including a discussion on the key components of Medicare for All, a comparison between fully-insured vs. self-insured health insurance, narrow networks, pricing transparency, and consumerism.
Nearly 500 Midwest employers have participated in this year's survey so far. The benefits survey will remain open through October. For more information on the survey, visit our Share to Compare page.
Best in Benefits
Each year we award Best in Benefits to those employers who offer the best benefits relative to their peers. Waste Commission of Scott County is this year's Grand Champion. Of the top 20, we were proud to recognize the City of Monmouth, People National Bank of Kewanee, and Black Hawk College . Congratulations to all of this years winners!