Indiana Employee Benefits Benchmarking: Worthwhile or a Waste of Time?

Should Indiana employers spend resources on studying national employee benefits benchmarks? Or, in the race to recruit and retain top talent, is it better for employers to benchmark benefits against companies closer to home — those with whom they’re competing for the best employees?

Apex Benefits Chief Innovation Officer Stan Jackson says, “The cost of health care and healthcare benefits in Indiana certainly deviates from national trends on cost and quality.”

Jackson adds that relative to cost, the 2017 RAND Hospital Transparency Study illuminates many of the large price discrepancies between what Hoosiers pay for hospital services and what the rest of the nation pays, on average:

Why are Hoosiers paying so much more for healthcare benefits than other states?

For years, Indiana has had a unique healthcare market. Many factors have contributed to discrepancies in healthcare costs and increasing employee benefits costs, as noted in the infographic below:

The case for Indiana-specific benchmarking

The Apex Benefits 2019 Indiana Employee Benefits Benchmarking Survey Report provides a rare, in-depth look at local trends in employer-sponsored health coverage. The survey is designed to provide valuable benchmarking data that Indiana employers can use to design attractive and cost-effective benefits programs that promote employee recruitment and retention.

Corporate executives and human resource professionals from 320 Central Indiana employers participated in the survey. They submitted data on medical and pharmacy premiums, deductibles and copays, as well as wellness programs, paid time off policies and other benefits designed to recruit and retain employees.

“This report provides insights that just can’t be found anywhere else,” says Apex CEO John Gause. “While looking at national trends is important, Indiana-specific benchmarking is the only way employers can realistically compare their benefit plans to the Indiana companies with whom they’re competing for top talent.”

Survey results available to Indiana employers

Survey results will be revealed during a presentation by Apex Benefits on July 16 at the Indianapolis Motor Speedway Media Center from 8 a.m. to 10:30 a.m. Indiana employers are invited to register at apexbg.com/benchmark2019. Those in attendance will receive a copy of the complete report.