Benefitfocus Increases Benefits Participation With Enhanced Enrollment Experience
Coined "Customer #1," the program focuses on three primary objectives:
- Maximizing benefits participation during the traditional open enrollment (OE) window
- Increasing adoption of new voluntary benefits during post-OE, off-cycle periods
- Understanding employee needs and gaps through regular surveys and the company's total well-being initiative.
During the traditional OE two-week window, the company saw a significant increase in participation in high deductible health plans (HDHPs) with a 72 percent adoption rate, which is more than double the national average range of 25 to 35 percent. Through creative communications, employee contributions to health savings accounts (HSAs) also increased by 27 percent. Participants in HDHPs also had a higher adoption rate of voluntary income protection products, like accident insurance (31% enrollment), critical illness (36% enrollment) and hospital indemnity plans (40% growth). The company will review results and share insights during its upcoming customer advisory councils to help guide customers' benefits participation strategies.
"We created our Benefitfocus Customer #1 program to demonstrate the gold standard of how employers who utilize our BenefitsPlace platform can fully optimize the tools and services available to drive significantly higher benefits engagement and adoption – and do so throughout the entire year," comments
Guinn continues, "Voluntary benefits aren't just 'add-ons' to traditional employee benefits; they are complete solutions that work together in a total wellness benefits portfolio. While we experienced significant adoption of voluntary income protection products during our official OE at
To support employers in achieving open enrollment success,
* Smart Moments is a company-defined term describing new moments powered by Benefitfocus BenefitSAIGE™ artificial intelligence engine that have been added to the platform's Smart Moments library to connect consumers to their benefit options in the moments that matter 52 weeks a year. Smart Message content is being automatically loaded for key BenefitsPlace products for easy employer enablement.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results or performance might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; management of growth; our ability to compete effectively; our ability to maintain our culture and recruit and retain qualified personnel; the immature and volatile nature of the market for our products and services; risks related to changing healthcare and other applicable regulations; privacy; security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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Benefitfocus, Inc., 843-284-1052 ext. 3527, email@example.com