With the tools and resources available today, no business decision should be made in a vacuum. Data can play a crucial role in strategic decision-making. With the rising costs of healthcare and changes throughout the system top of mind for employers and their employees, analyzing your medical plan offerings and comparing those to the marketplace can help you control costs and maintain a competitive edge.
National benchmark studies are routinely available, but costs and plan designs can vary widely across geographic regions of the country due to differences in cost of living, average wages, and healthcare markets. One recently published national survey reported a gap of $2,220 per employee, from the highest to the lowest cost. That’s why Apex Benefits has provided the first annual Indiana Medical Benchmarking Survey.
The information in our report is designed to allow you to take an in-depth look at your medical plan designs, and compare them to the plans being offered by other companies throughout the state. This is critical, at a time when Indiana has a near record-low unemployment rate of just 3%, making recruitment and retention of employees a huge challenge.
Hoosier employers are adapting to keep pace with the shift in workforce demographics, particularly the influx of Millennials and nuances of the retirement-minded Boomers. We believe the information provided in this survey will be valuable to employers in the competition for talent.