Key Data to Support Your Renewal Decisions: NFP 2020 US Benefits Trend Report
Decisions around creating benefit plans that provide better outcomes for employees and the organization require ongoing, thoughtful consideration. Using data analysis to drive smarter benefit plan decisions is paramount to increasing efficiency and ultimately lowering costs. While Rose & Kiernan, Inc. has long provided sophisticated analytics and benchmarking data to drive the best outcomes upon renewal, today, as a wholly-owned subsidiary of NFP, that platform stands much larger.
We are thrilled to invite you to review NFP’s 2020 US Benefits Trend Report, a comprehensive report of employee benefits trends curated from perspectives of NFP subject matter experts and analysis of statistics year over year. Consideration of the effects of COVID-19 are included as a core element of this year’s report.
Sections include comprehensive data analytics, as well as actionable insights, for a variety of topics, including health care, benefits compliance, pharmacy, digital transformation, legislation and regulation, voluntary benefits, and well-being and engagement.
Key report findings include:
- 9 of 10 adults lack the necessary tools to make well-informed medical decisions.
- 30% of employees believe a lack of transparency from insurers and providers is the biggest barrier to effectively shopping for coverage.
- Up to 40% of the workforce will be independent contractors (gig workers) by 2040.
- The percentage of employers offering employee mental health offerings increased to 75% in 2018 (up from 34% in 2014).
- 62% of individuals with employer-based insurance have a chronic or complex disease, which comprises 85% of total employer-based healthcare spending.
- Approximately one in seven adults in the United States — about 40 million people — provide some type of unpaid care to another adult.
Please contact the Rose & Kiernan, Inc. Employee Benefits Management Group (EBMG) here or by calling (800) 242-4433 to discuss these trends and how they may impact your workplace. We are happy to review this comprehensive data with you.