Defined Contribution Marketplace Trends: Shaping the Industry
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Transcript of Defined Contribution Marketplace Trends: Shaping the Industry
65%of employers believe health benefits more valuable when employees control how they spend contributions
Value of Cost Transparency
$342$82
76% DECREASE
Employee Cost Savings Through Tax Credits
2013
2014
?2013 $9,0982014 $8,3429.1% DECREASE
Average Healthcare Costs(PER EMPLOYEE)
Encouraging HealthcareEducation Drives Down Cost
Value of EmployerContribution
2013 6%2014 8%
2% INCREASE
Employers O�ering Defined Contribution
Average Individual HealthInsurance Premium
$381ESTIMATED
IN 2015
Coverage Through Private Insurance Exchanges
2,500,0002014
5,000,000+2015
Average Annual Employer Contribution
$817 SINGLE COVERAGE
$1,892 FAMILY COVERAGE
Long-term Cost Trends
believe they will help reduce them through competitive market forces
57%
www.HealthcareTrendsInstitute.org
SOURCES:
Kaiser Family Foundation
PwC Health and Well-being Survey (2014)
2014 AonHewitt Health Care Survey© Copyright 2014. Healthcare Trends Institute.
Providing TransparencyChanging Buying BehaviorControlling Cost
DEFINED CONTRIBUTIONInsurance Marketplace solutions shaping the industry?
How are
Improving Predictability of Health Care Costs
59%of employers view private exchanges as an e�ective way to improve predictability
Moving to Private Exchanges
32%of employers are considering moving their employees to private exchanges in the next 3 years
34%of employees had no idea how much their employers contributed toward health care costs
?