Vermont Benefits Survey Results Released
The results of the 14th annual Vermont Employee Benefits survey were released to participating employers in early October.
The results indicated that Vermont employers continue to have average medical insurance increases that are higher than national averages and that premium costs also exceed benchmarks from national studies. Employers in the state indicate that they are considering new strategies to deal with medical insurance including defined contribution strategies, data analytics, and telemedicine options, among others.
Wellness continues to be a major initiative in the Vermont marketplace, but some employers are moving from a program based strategy to one that is more broad and includes both organizational environment and cultural components as well as more data based initiatives.
The ACA continues to impact the marketplace as many employers indicate they are very concerned about the potential Cadillac tax effect on their health offerings. ACA reporting is also a major concern.
The results also indicate that Vermont employers are adopting HR technology at a much faster pace than in year’s past.
Dental, life and disability benefits do not indicate much of a change from previous survey results. This is likely the result of the volatility and complexity of medical plans and the attention they’re getting compared the more stable dental and life and disability benefits.