ConnectYourCare Releases Benefits Broker Industry Research Report

Inaugural Study Captures Benefits Brokers’ Challenges Upon Entering a New Decade, Presents Insights to Help Overcome Industry Obstacles and Better Service Clients

Hunt Valley, MD, January 23, 2020

ConnectYourCare, a national leader in consumer-directed health care account solutions, today announced the release of its first benefits broker research report, “The Broker Guide to Refining Benefits Strategies for 2020 and Beyond.

This report, which surveyed health care benefits brokers across the United States, uncovers current challenges brokers are facing and how the role has evolved due to changing employer needs.

Reported findings show that navigating the rising costs of health care benefits, while considering employee experience and the need for integrated technology, are top challenges for benefits brokers. When asked to rank the importance of certain topics to their position, 68 percent of benefits brokers reported that ways to maximize client cost savings was considered of utmost importance.

Cost wasn’t everything, however. When brokers were later asked the most likely reason they would consider changing their clients’ third-party administrator, “service and support for participants” won out at 56 percent, while “better pricing in the current market” came in far behind at 15 percent.

Technology is also top of mind for brokers, as 44 percent reported that giving clients access to a self-service platform to manage their employees would make it easier to manage and recommend tax-advantaged accounts.

Based on the study results, the report also offers insights for refining the health care broker benefits strategy to better service employer clients—and their employees—in the new decade, including tips for recommending cost-effective technology and ways to remain a valuable advisor in a tumultuous health care benefits landscape.

“The role of a benefits broker has drastically shifted toward universal consultancy in the last decade, and brokers have much to consider when recommending a health care benefits package and third-party administrator,” says Steve Grieco, ConnectYourCare Chief Executive Officer. “ConnectYourCare remains committed to mapping to broker needs and bolstering our broker partnerships through excellent customer service, innovative technology, and a host of unique solutions for employers of all sizes.”

This inaugural report is now available on the ConnectYourCare website. Download your complete copy here.

About ConnectYourCare

As a consumer-directed health care pioneer and nationally recognized industry leader, ConnectYourCare delivers a comprehensive solution supporting health care savings accounts and expanded tax-advantaged offerings. Through continuous evolution, highly rated service, and domain expertise across the benefits, banking, and payments spectrum, we are revolutionizing the connection between health and wealth. ConnectYourCare creates greater participant value through intuitive account management; greater employer value and savings through dynamic, outcome-based workflows and tools; and greater partnership value through deep engagements to meet goals—with proprietary, cloud-based technology and a modern, intelligent platform as its foundation.

Trusted by leading organizations, spanning all industries and sizes, we are making it easier for people to manage care, so they can enjoy life. For more information, visit ConnectYourCare.com or follow us on Twitter @ConnectYourCare.

By |2020-01-30T09:10:27-05:00January 23rd, 2020|
Disclaimer: ConnectYourCare does not provide tax or legal advice. This information is not intended and should not be taken as tax or legal advice. Any tax or legal information in this notice is merely a summary of ConnectYourCare’s understanding and interpretation of some of the current tax regulations and is not exhaustive. You should consult your tax advisor or legal counsel for advice and information concerning your particular situation before making any decisions.