Defined Contribution Insurance Marketplaces and the Changing Healthcare Industry
How are DEFINED CONTRIBUTION Insurance Marketplace solutions shaping the industry? Controlling Cost Changing Buying Behavior Providing Transparency Value of Employer Average Healthcare Costs (PER EMPLOYEE) Encouraging Healthcare Education Drives Down Cost Contribution %$4 34% ? 2013 $9,098 2014 $8,342 of employees had no idea how much their employers contributed toward health 9.1% DECREASE care costs Employee Cost Savings Through Tax Credits Coverage Through Private Insurance Exchanges Average Annual Employer Contribution 2014 224 2,500,000 2013 $342 SINGLE COVERAGE $817 2014 $82 2015 22888 FAMILY COVERAGE 5,000,000 $1,892 76% DECREASE Improving Predictability of Health Care Costs Employers Offering Defined Contribution Average Individual Health Insurance Premium ESTIMATED 59% 2013 2014 6% $381 8% of employers view private exchanges as an effective way to improve predictability 2% INCREASE IN 2015 Long-term Cost Trends Moving to Private Exchanges Value of Cost Transparency 57% 32% of employers are considering moving their employees to private exchanges in the next 3 years 65% believe they will help reduce them through competitive market forces of employers believe health benefits more valuable when employees control how they spend contributions Healthcare Trends Institute SOURCES: Kaiser Family Foundation www.HealthcareTrendsInstitute.org PwC Health and Well-being Survey (2014) e Copyright 2014. Healthcare Trends Institute 2014 AonHewitt Health Care Survey
Defined Contribution Insurance Marketplaces and the Changing Healthcare Industry
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