How will you measure up? The results of the 2018 UBA Health Plan Survey are out:

Why Should I Customize the Benchmark Data To Fit Me?

To strategize…
Customized benchmark data helps to strategize about what level of benefits you want to offer. Do you want a richer benefits package or is it time for a change that aligns you with your peers?

To manage costs….
It helps develop a plan of action to budget for potential increases in health insurance premiums instead of just being ‘satisfied’ with a sudden 15 percent or higher increase.

To showcase value…
Custom benchmark data provides insights to make the right decisions moving forward to ensure employees have the most competitive or comparable benefits package in their industry. But most importantly provides the data to communicate to employees the tremendous value you are offering.

When should I benchmark?

With health care reform rapidly changing the benefits landscape it is more important than ever to stay competitive. Companies should evaluate the competitiveness of their benefits at least once a year. If your company isn’t benchmarking its benefits program annually, you may be paying too much. This data can also uncover possible overlooked areas of non-compliance.

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  • Compare just about every feature of the benefits, from employee contributions, both as a dollar amount and as a percentage of the overall premium, to total out-of-pocket cost per employee or per family.
  • Get into details of the plan regarding deductibles, co-pays, out-of-pocket maximums and so on.
  • Evaluate how your company stacks up relative to your peer companies.
  • Your company may have a specific strategy around benefit levels and can use the benchmarks to determine if you are meeting this strategy.
  • Can tell you where you are out of line with competitors in terms of costs or benefit coverage, or if you’re not offering a benefit that is now common.
  • Help to guide employers by retracting and retaining top talent, maximizing plan designs for financial gain and helping you stay ahead of the competition.

Benchmarking is comparing the benefits your company offers employees to those of like employers in similar industries, geographic regions and of similar size.

Simply put, benefits benchmarking means finding out how your benefits offerings compare to those of other employers in your industry or in similar industries. In more specific terms, benefits benchmarking takes a look at total costs, cost-sharing measures, plan-designs, voluntary offerings and workers’ compensation as they relate to employee benefits.

What Are the Benefits to Benchmarking?
  • Impact from employers delaying their health plan renewal dates
  • Breakdown of employer health plan metal levels
  • Trends in types of health plans offered
  • FSA increases relative to employer size
  • Multi-tiered health plan choices
  • Costs and renewal rate increases by plan type
  • Prescription drug plans
  • Comparisons by region, employer size and industry
Review the Key Findings