Picking a Health Plan? An Algorithm Could Help

via Wall Street Journal

Companies have spent years cajoling workers to switch to less expensive health plans. Now, some are hoping an algorithm can help.

During this year’s open enrollment season, some employers are trying out tools that recommend the most appropriate health plan for an employee, based on factors such as his or her prescriptions, demographics and risk tolerance—similar to how Netflix Inc. or Amazon.com Inc. recommend movies or books.

Employers say they hope the tools will make shopping for health care easier and reduce the number of worker queries to benefits staff. The recommendations may also change the minds of employees who have resisted signing up for lower-premium, high-deductible health plans—an ever-more urgent priority as firms try to curb health-care costs and steer clear of the coming Cadillac tax on pricey plans..

Read the full article here

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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