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Press Releases:

Mid Market Benefits Survey Highlights Health Care Benefit Trends; Provides Business Owners With Insights to Navigate Through the Broken Health Care System

SANTA BARBARA, Calif.--(May 5, 2010)--The Mid Market Benefits Survey results were announced today, identifying the most relevant health care trends for 2009 and providing business owners with new insights about how to maneuver through the broken health care system in the year ahead. The survey, commissioned by Neovia Integrated Insurance Services, a health care benefits consulting firm providing comprehensive insurance services to business owners, quantifies relevant statistical data which can guide employers in making cost-effective health care decisions in 2010.

"Businesses that develop strategies to bend their own health care cost curves will have a meaningful advantage in the marketplace."

Employers concerned with rising health care costs and the recent passage of the Patient Protection and Affordable Health Care Act (H.R. 3590) are scrambling to understand how the new regulations will affect their ability to provide affordable health care benefits to employees. Neovia's Mid Market Benefits Survey provides more than 300 data points in which 4,848 employers were surveyed about benefit costs for their combined 2.6 million employees.

"The research indicates that costs pertaining to health care will continue to climb at an incredible rate in 2010 and health care as we currently know it will change," said Jeff Slay, founder and CEO of Neovia Integrated Insurance Services. "Our annual survey provides top level executives with the ability to analyze industry trends and allows businesses to plan ahead and reduce costs based on a return on investment perspective."

Survey Highlights Overall Health Care Benefit Trends

Neovia, with Slay leading the efforts, enlisted the help of a national third party actuary firm to conduct its Mid Market Benefit Survey. Among the survey, findings include:

  • The Extinction of HMOs? - Survey results indicated that benefits available within HMO plans were reduced at a greater level than PPO plans - with HMO plans expected to increase at a faster rate than PPO costs, employers may decide to only offer PPO plans.
  • Employers Continue to Shoulder the Cost of Health Care - The survey found that employers were reluctant to pass on increased benefit costs to employees last year, even amid layoffs and decreased revenue. Employers noted that staff morale had suffered greatly through layoffs and increased workloads. With new regulations and costs expected to increase, employers are now tasked with the decision to continue the trend or passing the costs down to employees.
  • Not all Employee Benefits Costs Increased - Based on survey results, there were no significant changes in coverage for dental, vision, life insurance, disability insurance and other ancillary products. Employers are able to offer these benefits as an added value to employees without affecting the bottom line.

"The results of our Mid Market Benefits Survey illustrate why business owners in 2010 need to address the difficult challenge of developing a health care strategy to keep future cost increases down," continued Slay. "Businesses that develop strategies to bend their own health care cost curves will have a meaningful advantage in the marketplace."

Details About the 2009 Mid Market Benefits Survey

The survey was facilitated by 35 regional Broker/Consultants across the United States. More than 300 data points related to benefits were gathered for analysis and comparison. The data is collected by a third party national actuary firm and reports are generated by this actuarial firm.

About Neovia

Providing valuable care and service to clients in an ever-changing health care market is the mission of Neovia Integrated Insurance Services. With industry expertise, Neovia acts as a liaison between businesses and health insurance companies. Founded by Jeff Slay, Integrated Insurance Services was rebranded in 2008 as Neovia, or "new way" to better serve clients. Neovia created a unique Client Care Advocacy model that puts the care back into the health care system by providing a more responsive, effective and humane way to handle employee benefits. Neovia assists employers find solutions in a broken health care system which makes the employee benefit process easier for employers, their employees and their families. For more information about Neovia, visit www.neoviainsurance.com.

For Neovia Integrated Insurance Services
Vivian Chan, 714-573-0899, x235

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