68% of the 1,000 survey respondents were initially unfamiliar with the direct primary care model. When they were told it could lower costs and also improve outcomes and raise satisfaction, 83% expressed interest in signing up if direct primary care were offered by their employer.
HEALTH
-
45% of insured Americans are considering changes to their health insurance during open enrollment, namely switching the plan provider or type. Those with marketplace plans are most often looking to make a change. The coronavirus pandemic is the main reason consumers are changing their health insurance, followed by changing health needs and dissatisfaction with their provider.
-
As nearly half of Americans (46%) expect higher health insurance premiums in 2022, some struggle to afford health care costs. 4 in 10 insured Americans say their out-of-pocket health care costs were too high in the last year, and nearly 1 in 5 say they can’t afford their deductible.
-
45% of insured Americans believe those who aren’t vaccinated for COVID-19 should pay higher health insurance premiums than those who are vaccinated. This sentiment is highest among baby boomers (ages 56 to 75) at 53%.
-
Premium costs are the most important factor Americans consider when selecting a health insurance plan, at 24%. Services covered (20%) and deductibles (14%) are other decision drivers.
-
24% of Americans have made a mistake during open enrollment before. The most common errors shoppers committed were not fully exploring their options (28%) and missing the deadline for open enrollment (26%). About one-third of Gen Zers (ages 18 to 24) and millennials (ages 25 to 40) made mistakes during open enrollment.
ACA
CMS Boosts ACA outreach to advance health equity
FUN
LAAHU to Sponsor Toluca Lake Turkey Trot
Los Angeles Association of Health Underwriters will be celebrating the Annual Health Insurance Awareness Day Nov. 21 by sponsoring the Toluca Lake Turkey Trot!
Register in advance here.
FINANCIAL PLANNING
Pension Plan People Live LongerNew research suggests that there’s a difference in life expectancy between defined benefit pension plan participants and the U.S. population as a whole. Here’s what National Institute on Retirement Security says:
Recent improvements in life expectancy have not been shared equally across society, and socioeconomic status is a key driver in mortality expectations. According to research from Club Vita, pension plan participants have a noticeably longer life expectancy than the U.S. population, along with a faster rate of longevity improvements. These differences raise questions regarding whether these varied experiences should be considered when actuaries are modeling mortality rates for pension plans.
INSURTECH
Mployer Advisor Secures $1.6 Million in Seed Round Funding
Mployer Advisor, a platform used by employers to evaluate and connect with top insurance brokers and consultants, announced that it secured an additional $1.6 million in funding from Martin Ventures and other well-known investors. This is the second round of funding Martin Ventures has led in Mployer Advisor in the past year. With the new round of funding, Mployer Advisor plans to deploy new features on its platform, hire additional leadership roles and expand its insurance broker and carrier network.
Through its proprietary analytics, Mployer Advisor offers employers access to:
· 84,000+ A.I.-driven benefit design data points to use in negotiating and planning
· 15,000+ detailed brokerage profiles including employer experience
· 25,000+ peer employer reviews of brokers
DISABILITY
Vaccine Mandates, Remote Work and Accommodations
Really interesting topic for the next Disability Management Employer Coalition (DMEC) webinar, 9am Pacific, November 4:
Private and public organizations are imposing vaccine mandates and employees are requesting exemptions. At the same time, employees continue to request to work from home. How are employers accommodating these requests?
Presenters are two experts from Sedgewick, which administers disability and related programs for thousands of private and public employers, including Fortune 500 firms. Its extensive claims data can pinpoint trends on accommodations regarding vaccines, remote work and more.
In addition, presenters will outline the most up-to-date legal and regulatory requirements on vaccine and other accommodations.
More info here.
ESG
Get Up Early to See Aflac’s Frederick J. Crawford
Aflac announced that President and Chief Operating Officer Frederick J. Crawford will represent the company in a virtual fireside chat covering the topic of ESG (environmental, social and corporate governance) at the 2021 Raymond James Insurance Conference on November 9 at 6:40am Pacific.
The fireside chat will be webcast live at the following web address:
https://kvgo.com/raymondjames/aflac-inc-nov-2021.
Those who wish to listen are advised to go to the website at least 15 minutes prior to the presentation to download and install any necessary software. A replay of the presentation will be available for one year following the webcast and may be accessed using the same web address.
Supply Chain
Causes and Effects of the Breakdown
Bob Lawton has a new post up courtesy of Charles Schwab, which discusses all the factors that go into supply chain problems. Check it out here.
GOOD
Living a Meaningful Life
We’re fans of the Greater Good Science Center at UC Berkeley. Here’s an article from them discussing three ways to see meaning in your life. Click here.
EVENTS
- SIIA Crowdsource Forum, In-Person, December 6 – 8, Charleston, SC, Info here.
- CAHU Women’s Leadership Summit, March 14-16, 2022, Green Valley Ranch, Las Vegas, Info and registration here.
- BenefitsPro Broker Expo, May 23-25, 2022, Austin, TX. Request more info here. Register here.
