by Denny Weinberg, Hixme CEO
Finding new ways to keep workers happy and feeling cared for is a never-ending pursuit for employers — particularly in the face of the volatile health care climate and 16 years of health care inflation at three times the cost of wages (per Kaiser Health Care Foundation Survey of Employers). Controlling costs by continuing to pass on more expensive insurance policy fees with fewer benefits and higher out-of-pocket risk to workers and family members is completely unsustainable.
Hixme, with its transformative approach for large employers, breaks this vicious cycle with a platform that delivers true coverage ownership, portability and personal choice. Using innovative technology, our Workplace Market platform allows employers to provide their workers and dependents a guided pathway into this new tailored, personal benefit ownership. We do this by matching each person with a uniquely constructed “Hixme Bundle” built around a core health plan of each person’s choosing.
While Hixme is the first to offer this unique package, the industry and media have identified the need for new solutions to employer-based health care coverage that once again is experiencing large annual cost increases. Creating more holistic coverage solutions for each family member is a key to finally gaining efficiency in health coverage. This trend is already evident with the common use of supplemental /gap insurance by many companies.
The Hixme Bundle is a great tool for companies to attract and retain workers by offering choice, affordability and portability never before available in the group arena.
NPR Shot’s Health News commentator Bram Sable-Smith aptly describes the importance of this type of gap insurance in lowering the member’s out-of-pocket costs on high deductible plans, as well as reducing the premium of the actual insurance when coupled with supplemental gap: “Would you like some insurance with your insurance?”
Here are some relevant highlights from the article:
“With a gap plan … companies can offer a package of health benefits that keeps out-of-pocket-expenses for employees down. And they still spend less than they would with higher-priced plans with lower deductibles …
“… more gap insurance products for businesses have come to market in the past few years. They’re being marketed as a way to keep out-of-pocket expenses low for employees …
“… St. Louis footwear company Diba Imports, for example, purchases both a high-deductible health plan and a type of gap plan … [that] reimburses most of your deductible if you have an illness or injury that puts you in the hospital,” says Diane Butrus, the company’s COO.”
Another reliable source, Amy Pennza in the Zane Benefits blog points out how important it is for companies to be able to attract and retain workers in its entry: Want to Increase Employee Retention? Provide More Health Policy Options that states “studies show that today’s workers want health benefits that are both flexible and customizable—and they look to their employers to deliver.”
Another informative reference is the Zane posting: Personalized Employee Benefits More Desirable Than Ever that sites the MetLife Employee Benefits Trends Survey that provides even further evidence of this trend:
“Declining unemployment rates, rising wages, and a rebounding economy means that today’s workers can be choosier and when it comes to finding employment. The survey reveals that businesses that want to hire and keep the most talented employees must dial in to what they want most: flexible, customizable benefits—particularly with respect to health benefits.
- 74 percent of workers reported that having benefits customized to suit their needs is important when considering accepting a new job.
- 72 percent of workers said that the ability to customize their benefits would lead them to be more loyal to their current company.
- 68 percent of workers claimed they’d be more loyal to their current company if they had the option to take their benefits with them if they decided to move on.
With the highly customized Hixme Bundle, Hixme addresses a key concern uncovered in the MetLife survey: “I want someone to tell me exactly what to do based on my situation.” Hixme’s solution is a great tool for companies to attract and retain workers by offering choice, affordability and portability never before available in the group arena.
ABOUT THE HIXME THINK BLOG: Authored by one of the gurus of health insurance, Denny Weinberg, postings reflect market trends and the powerful emerging movements toward true portability and personal ownership by workers and their families. Postings follow these emerging trends, driven by consumer ownership of retirement benefits, consolidations by health care institutions, and the stated pro-consumerism goals and actions of the administration, federal agencies and Congress.