Data-Driven Benefits: New Health Plan Analytics
Today, we’re proud to announce the launch of our real-time Health Plan Analytics.
We’re empowering HR with the insights to assess health plan usage throughout the year, including employer-provided HSAs and FSAs, and enabling them to drive employee engagement throughout the year.
We’re empowering Finance to do a real-time forecast of benefits expenses for FP&A and budgeting.
And most importantly, we’re empowering the employee to gain an understanding of the expected healthcare expenses for the year, enabling them to manage and take proactive control of their own healthcare spend.
We look forward to shining even more light into company healthcare and benefits expenses. Stay tuned!
Throughout the year, Finance and HR can monitor and gain insight into health plan usage. One of the biggest concerns for many companies today is whether they’re getting real value on their health plans.
As your employee group changes over time, so do their individual health care needs. Plan use can change annually. Understanding these shifts can prepare HR for benefits conversations with employees, and Finance for specific program adjustments during FP&A.
- Cost per benefit breakdown
- For budgeting and FP&A, see the employer breakdown of total cost by medical, dental, vision, and any medical savings account contributions.
- Real-time employee demographic snapshot
- See an up-to-date view in your benefits portal as your group demographic changes.
- Avg. spend towards deductible
- Monitor the average amount your employees spent towards their deductibles on each plan. Determine whether plan designs can be optimized for the upcoming year based on current year use patterns.
- HSA / FSA participation
- See the number of employees who have elected to contribute to their medical savings accounts via payroll deductions. Measure the impact of employee education and awareness of consumer-driven health plans.
When it comes to health plans, employees have two main questions:
- How close am I to reaching my deductible?
- What could my medical expenses look like next year?
Through our carrier integrations and data models, we help employees answer these questions.
Come open enrollment, giving visibility into expected medical costs enables employees to see the best-value health plan that fits their needs without over-insuring. This personalized forecast powers Lumity’s employee health plan recommendations.
Is your company ready to gain control over your benefits and drive savings and value with data? Contact us to learn more at email@example.com.