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What the latest data means for the future of health benefits

In case you haven’t noticed, the fight for top talent is getting more competitive. As a result, more companies are taking a strategic look at how they can attract and retain the top skills needed to survive in today’s rapid-cycle economy. They’re going beyond adding a fridge stocked with beer or a ping pong table. They are taking a more strategic look at their employee health benefits. But the question is, are they strategizing from the right perspective, the employee’s experience?

A recent report from Harvard Business Review Analytics Services in association with League, shines a light on how companies view their investment in health benefits and the value employees get from them. It’s not necessarily a surprise that there is a divide between the two. In fact, 90% of the executives surveyed view employee health benefits as an important way to demonstrate their organization’s understanding and concern for the needs of their workers. Yet, employees are experiencing something different. For instance, 63% of survey respondents stated that their employees don’t know enough about how to leverage their health benefits, while 58% agreed that employees are unaware of the benefits that they’re entitled to. 

What does all of this data mean for the future of health and benefits? People want Netflix, not your grandparent’s cable TV. The benefits experience has been broken for a long time. Employees enroll in their benefits, then cross their fingers and hope they chose the right plan. When they do experience a medical event and need to use their benefits, the landscape is nearly impossible to navigate. This benefits experience doesn’t work for employees.

For years, employers have been trying to alleviate the situation with an array of point solutions that don’t work well together. In fact, 57% of the survey respondents said that the number of health benefits at their organization is increasing. The problem with this is that it only leads to a further fragmented experience for both employees and employers. It also continues to drive costs up for both parties. It’s simply not sustainable.

The real solution is a Health OS. The only way to transform benefits and unlock engagement in employee health is with an Enterprise Health OS. Bringing together the disparate pieces of the HR stack and focusing on providing employees with a modern consumer-centric experience is the only way to survive in today’s competitive market. 

That’s where league.comes in. We believe healthcare should mirror the experiences consumers have in other areas of their lives. It should be personalized, preventive, and always on. That’s the only way we can empower people to live happier, healthier lives.

Through our Health Benefits Experience (HBX) platform, we’re doing just that. It’s hyper-focused on the employee experience to support them in managing their health by making it easier, more immediate, and personalized through:

  • Enrollment & decision support, so employees fully understand their options
  • An easy to use, digital wallet to help employees manage their coverage, dependents, and spending accounts
  • An ecosystem of health programs & partners that promote and reward positive behavioral changes
  • A data-driven health profile & journey that serves as a central hub for health data to help employees understand and address healthcare risks
  • Immediate, expert health guidance through live chat support
  • A curated, lifestyle marketplace that provides exclusive offers and discounts on health and wellbeing products and services

Ultimately, with our HBX platform we’ve created an opportunity for employers to get a leg up on the competition by offering their employees an entirely new experience – one that can improve health outcomes and drive significant healthcare savings.

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