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.
Contacts:
For Neovia Integrated Insurance Services
Vivian Chan, 714-573-0899,
x235
vivian@echomediapr.com
# # #
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