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Thursday, July 17, 2014

4:00pm - 4:45pm
Track: Broker View Track

THE MARRIAGE OF DEFINED CONTRIBUTION AND WELLNESS INCENTIVES: A PRACTICAL GUIDE TO A SUCCESSFUL UNION

Don Garlitz, Executive Director, Exchange Solutions, BSWIFT

Private health care exchanges are continuing to attract attention as a vehicle for giving consumers a greater choice in benefits and decision-making power. Adopting a defined contribution strategy goes hand in hand with these exchanges.  For most large employers, the “one bucket of money” approach – allowing employees to spend all employer contributions on any available benefits – will probably be too simple.  Recent surveys show that most large employers considering defined contribution are likely to remain self-insured. Therefore, whatever defined contribution strategy they adopt, these employers have more of an incentive than ever to engage their employees in effective cost-saving wellness programs. 

How will the defined contribution approach to health benefits dovetail with the offer of wellness incentives, and how might this combination of funding be presented to employees when they’re making decisions about their benefits?  And how might anticipation of the Cadillac tax in 2018 impact the decision to move to defined contribution now? Join us for a look at several possible approaches to bringing these ideas together.

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