15 Reasons to Invest in Health Plan Decision Support Now
Open enrollment season is over but strategizing for the upcoming year has only just begun. And perhaps you’re considering whether to invest in health plan decision support software.
Is placing this solution in your 2020 strategy a wise decision?
Here are 15 reasons why the answer to that question is yes.
1. Health plan decision support connects employees with the right health plans.
Do your employees make plan selections that don’t match their healthcare needs? Health plan decision support software can help you bring about change.
A quality solution will make recommendations based on individual claims or claims data for “people like me.” It should also allow workers to factor in anticipated healthcare costs for next year (for instance, knee surgery or a new prescription).
Empowered with easy-to-understand information, employees can make better open enrollment decisions.
2. A decision support vendor can promote health literacy.
A health plan decision support solution also plays a role in promoting health literacy among your employees.
For instance, a quality decision support vendor might provide in-tool tips and communications on how to save money on healthcare or how to read an explanation of benefits (EOB). It’s a great opportunity to help employees select the right benefits…and boost their understanding of important healthcare concepts.
3. A decision support tool can fuel active enrollment.
Is increasing active enrollment a major 2020 goal?
Just consider the impact of telling your employees, “We have a new tool called Tango Decision Assist™ that shows whether a different plan will lower your healthcare costs. It only takes about three minutes to see your results.”
Giving employees decision support software can help lower passive enrollment numbers and increase active engagement with your organization’s benefits.
4. Health plan decision support bolsters employee retention efforts.
Robust benefits play an important role in retaining talent. But when employees don’t engage with their benefits, they’re less likely to recognize this fact.
Health plan decision support allows workers to visualize just how robust their benefits are. From HSA contributions to fitness incentives, you’ll highlight the ways your organization cares for its employees.
5. The right solution can shorten the time needed to select a health plan.
At the next open enrollment, employees won’t need to carve out 30 minutes to review health plans. If they use Tango Decision Assist™, they’ll only need to spend 3 minutes to see their initial recommendation. Decision support software makes open enrollment an easy-to-follow process—a nice perk for employees who experience paralysis analysis or those with short attention spans. If you have a new health plan to introduce, decision support is especially helpful. Employees will be able to compare the new plan with the older ones—in an objective, numbers-based way. And that leads us to our next point…
6. Benefits decision support takes the mystery out of HDHPs.
Maybe you’re introducing an HDHP in 2020 for a simple reason: The math says it’s a better plan for many employees. A decision support solution can remove the mystery from HDHPs and place HDHPs in a new light. Workers will see their projected medical costs—and whether the premium savings of an HDHP is enough to justify a switch.
7. Decision support can help increase engagement with your benefits programs and vendors.
Organizations continue to evolve and add new benefits programs and vendors. Decision support can help increase engagement by communicating about these programs and guiding employees to the right ones for their needs e.g. diabetes management program or an on-site medical clinic.
8. This software can also promote your wellness plan.
Perhaps your company offers financial incentives for employees who join your wellness program. Health plan decision support can factor any discounts or perks into your overall plan calculations—which encourages participation.
9. A quality tool can show how different scenarios impact plan selections.
Ideally, your decision support vendor should allow employees to experiment with different medical spending scenarios and see how these changes might affect which plan is recommended. This provides an interactive experience for your employees, connecting open enrollment to real-life events.
10. Benefits decision support software plays a role in HSA/FSA initiatives.
Perhaps your organization has important HSA/FSA initiatives for next year. Because health plan decision support shows the financial impact of HSA/FSA tax savings, the software can encourage employees to open HSAs/FSAs or increase their contributions. At Tango Health, we’ve seen one client’s enrollments in an HSA-eligible plan go from 0 to 38% in one year…and another client’s enrollments in an HSA-eligible plan rise from 16% to 52% in two years.
11. Decision support highlights your organization’s benefits all in one place.
Can your employees name the benefits they enjoy? Do they understand the breadth of the options you offer? Decision support demonstrates the value of your packages packages and communicates about key benefits all in one place.
12. A decision support vendor can help employees plan for retirement.
Decision support can also play a role in your efforts to empower employees to plan for retirement. Perhaps you’re trying to help employees understand that they can use their HSA and 401(k) for retirement. With Tango Health’s Decision Assist, you can do just that. Our decision support software includes a calculator that shows how 401(k) and HSA funds can grow for retirement.
13. Health plan decision support software equips benefits professionals.
Decision support makes it easier for your team to reach your 2020 goals! With health plan decision support, you’ll gain a way to educate your employees, foster engagement, increase HDHP enrollment, and more. And with the right metrics provided by your decision support vendor, you can track usage and engagement compared to your enrollment goals.
14. Decision support helps everyone save money.
Health plan decision support empowers employees to choose better plans with lower premiums, addressing the challenge of employees being over-insured. Decision support also decreases what your organization spends on insurance. It’s a win-win for employees and employers.
15. This solution can also reduce payroll taxes.
Decision support gives employees a tool to make savvy healthcare decisions, such as opening an HSA/FSA. And when employees make HSA/FSA contributions, this lowers your organization’s payroll taxes—another financial gain for your organization!
Ready to explore health plan decision support software?
Open enrollment may be months away for your employees. But for the benefits professional, now is the time to plan for success.
If you’re considering using decision support this year, we’d encourage you to give Tango Health’s Decision Assist™ a try. Our AI-powered solution makes data-based recommendations in as little as three minutes. And our user-friendly software helps employees see the math—without having to do the math.
To explore Decision Assist for yourself, request a demo here.