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Thursday, July 23, 2015

10:45 a.m. - 11:30 a.m.

DEFINED CONTRIBUTION HEALTH CARE-WHY DO IT, HOW TO DO IT AND WHAT TO DO IN RENEWAL YEARS

Moderator: John Young, Co-Chair and CEO, CONSUMERDRIVEN, LLC
Michelle Murray, Manager, Benefits, TENNANT
David A. Osterndorf, FSA, Partner and Chief Actuary, HEALTH EXCHANGE RESOURCES (HER)
Jim Priebe, CEO, BLOOM HEALTH

The Defined Contribution concept remains confusing to many employee benefit professionals. Yet, Defined Contribution in a very important development in employee benefits. Why? Improving health is maximized with account based plans, and account based plans are adopted much more frequently in Defined Contribution Strategies in Private Exchanges.

The Bottom Line Defined Contribution does much more than merely helping employers budget for health care and other benefits. It builds better consumers, and better health. However, although popular in concept, it is estimated Defined Contribution Health Care is implemented in only 20% of private exchange strategies. Why? Because there is a fair amount of confusion regarding what it is and how it works.

And, since the adoption and implementation of anything innovative goes hand-in-hand with a solid understanding and trust in that innovation, confusion is one of the factors creating a hesitation with employers to initiate a Defined Contribution Health strategy.

This Session will unscramble the eggs of Defined Contribution. You will acquire these takeaways:

  • What it is
  • What it looks like
  • How to do it
  • How Renewal Years are treated.

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