Dive Brief:
- Even with all the strategies set in place to combat rising costs, health insurance premium increases are driving employers to look at solutions they might have ignored in the past, according to an article at Employee Benefits News.
- During a panel discussion at Employee Benefits Advisor's Workplace Benefits Renaissance in Atlantic City last week, Paul Fetterolf, senior consultant and market leader of Arthur J. Gallagher, told attendees that he believes advisors must understand some of these alternative solutions such as self-funding, captives and professional employer associations (PEOs).
- Other options that are gaining traction include data analytics, population health management, more voluntary benefits and the emergence of telehealth.
Dive Insight:
Panelist Jake Cleer, director of benefit solutions for New Benefits, told attendees that almost 46% of employers are adopting a telehealth plan, according to a recent benchmark study from Willis Towers Watson. He added that 70% of employers are expected to adopt one by the end of this year, and 90% of employers by 2018.
Cleer explained that it's a positive trend. A RAND Corporation study found that every time telemedicine is used over an ER visit, employers can save an average of about $117 dollars. He noted that a client was able to redirect an estimated $177,000 dollars in claims in one year.