Private health care exchanges have a positive effect on employees and companies, leading employers — and employees — to regard them favorably.
That’s according to a survey from Willis Towers Watson of employers using online Willis Towers Watson employee benefit selection and decision support technology, also known as a private exchange.
The survey finds 97 percent of employers are satisfied with the experience of using a marketplace for benefits, with experiences slightly improving in the second year — when 98 percent of renewing employers reporting satisfaction with the experience.
Employees seem to value the experience as well, with 94 percent of those who used the marketplace to choose their benefits reporting they are satisfied with their experience.
Among the survey’s findings are 89 percent of employers say moving to the marketplace has positively impacted their company culture, and 95 percent report being glad they switched to an online benefit marketplace.
In addition, 86 percent of employers say the marketplace has helped them control benefit costs. On average, employers offer 14 different benefit products through their marketplaces. But even with the number of offerings increasing significantly, employers report that processing is easier, with 90 percent reporting that their company’s benefits administration has been simplified.
When it comes to employee opinions, the survey finds 72 percent of employees say they received better value from their benefit dollars after using the marketplace, and 75 percent say they’re more likely to stay with their employer because of their benefit program.
Not that they were all that enthused about it to begin with; in fact, only 16 percent of employees were initially excited about using a marketplace to choose their benefit. However, 79 percent say they are now glad their employer made the switch, with 98 percent saying that the ability to choose their own benefits, rather than having their employer choose for them, is important to them.
They’re more confident in those choices, too, with 82 percent saying enrolling through the marketplace has made them more confident in their health care decisions. And 83 percent claim to better understand what their health insurance and other benefits cover after enrolling for benefits through a marketplace.
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