Powering a holistic benefits strategy: Three areas of opportunity 

Facing economic fluctuations, rising overhead costs and consumer expectations, benefits brokers and advisors have the unique challenge of meeting the consumer where they are today and navigating this evolving landscape on behalf of the companies that they serve. 

Understanding what motivates the consumer is an important stepping stone in this process. At its most fundamental, the consumer is interested in understanding what’s covered in their benefits plan, considerations surrounding basic eligibility and being able to quickly access their claims status. However, at a higher, more holistic level, employers and brokers must go a step further in catering to consumer needs beyond these three primary motivators, addressing their expectations for mobile-friendly tools, more flexibility surrounding their benefits, and access to comprehensive wellbeing offerings. 

When the various players can holistically serve patients, everyone wins: the patient gets a certified “easy button” as far as access to their care goes, the broker can more strategically play their role as consultant and the employer can differentiate their offerings. 

Here are three areas of opportunity in powering a holistic benefits strategy:

1. Address health holistically across medical, dental and vision

Packaging medical, dental and vision together in one bundle presents an attractive option for consumers, because it prioritizes convenience. But the benefits are far-reaching, with numerous studies confirming the relation between good vision, dental health and the rest of the body. For instance, once it is established that a patient has a specific health condition, being able to proactively disseminate this information to different providers within that member’s individual insurer ecosystem can drive holistic health by increasing communication and enabling more rapid sharing of information that can ultimately inform instances where medical intervention may be required. 

In addition to meeting consumer preferences, integrated care models represent a significant employer differentiator in a competitive marketplace that is increasingly driven by holistic wellness.  SKYGEN’s 2023 Pulse Report found that 29% of consumers are interested in dental/vision plans that mirror medical insurance plans. Given that health benefit costs are expected to jump 5.4% overall due to inflation-driven price increases, advising employers on opportunities for holistic health can help close care gaps, improve overall health outcomes and ultimately improve both the broker and employer’s bottom line over time. 

2. Greater communication

Sixty-four percent of respondents to a recent report from SKYGEN said they prioritize easier access to information, transparency and effective communication. In addition to satisfying consumer preference for understanding their benefits and what’s included as part of their coverage, greater communication drives holistic health as it fosters transparency. For instance, messaging to consumers around their existing disease state and what their options are surrounding their overall health is incredibly important in driving proactive care and benefits utilization. 

Furthermore, communicating about a member’s health and health plan holistically is better for the broker when it comes to serving clients in the long-term. Integration of digitization across an organization is a crucial driver in 2024 and communication tools like real-time claims adjudication, pricing calculators and push notifications from a mobile device will help enable this. Given that the average employer is overwhelmed by the number of health solutions at their disposal, consolidating digital health solutions allows them to deliver meaningful holistic care more acutely and efficiently.

3. Reposition the messaging

Consumer behavior is heavily influenced by incentives such as discount programs and bundled offerings, with discount programs topping the list of reasons consumers might purchase vision/dental insurance. At the same time, economic concerns are top of mind in 2024, with a focus on affordability for benefits advisors, brokers, employers and the employees they serve. 

While discount programs may not always be feasible, integrating certain elements of them into benefits packages and strategies can still appeal to and be a differentiator for consumers looking for a holistic benefits experience. This can happen through repositioning benefits messaging by incorporating language and tactics that resemble discount programs, i.e., offering a range of benefits to meet the consumer where they are and give them more autonomy and flexibility over their benefits decisions. Providing tools that put ease and convenience first, such as instant adjudication and provider estimate tools, is another key strategy. These strategies are supported by SKYGEN’s research, with 40% of consumers indicating that having more choices would improve their coverage buying experience and citing digital connectivity as a top preferred improvement. 

When it comes to specialty benefits, the consumer drives all. From mobile apps to online scheduling portals, technology is ever-changing, but the drivers and motivators that inform that technology go back to the origins of specialty benefits. 

As such, it’s important to consider how to best address these in the path toward holistic health management. These days, it’s not enough for employers to simply offer benefits packages to their employees. In a competitive marketplace,  employers need to address the consumer and their motivators holistically. As a result, benefits brokers and advisors can drive more success and be more effective when working with their clients and, ultimately, drive consumer satisfaction. 

Kyle Koltz is chief operations officer, third-party administration at SKYGEN.