WHY WAS ExecSelect DEVELOPED?

The goal of developing the ExecSelect product was influenced by my experience of having a similar product at my previous company.  As a consumer and as the employer sponsoring the plan, I had a unique perspective on perceived value and quality.  I wanted a fully insured, group sponsored program that provided  administrative convenience and complete transparency on utilization and premium costs.

WHY IS TRANSPARENCY IMPORTANT?

We wanted to provide transparency through every step of the process. This allows the employer and employee to have access to claims experience for their specific group thereby allowing a complete picture of the value of the product. In a more traditional type of fully insured product, this data is not available. I didn’t think this was reasonable.

When the incumbent carrier of my previous product withdrew from the market, my broker provided a quote from another carrier with the traditional premium structure.  I knew exactly what my annual claims expenditure was, so when the new carrier wanted to charge me $14,000 per year, that was not feasible given my annual claims never exceed $7,000.

HOW DOES ExecSelect ADD VALUE?

In addition to creating a new premium structure, I wanted to focus on value to the client. With ExecSelect, this is reflected in outstanding service and the best-in-class processes. ExecSelect is perfect for small- to mid-size businesses that want to offer added insurance coverage and benefits to key employees without tax consequences or prohibitive costs. 

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Healthcare trends to watch in 2025

Every year, the Business Group on Health highlights essential trends to monitor for the upcoming year. These trends significantly influence employer health and wellness strategies and are shaped by various factors, such as the economy, technological advancements, innovation, the political environment (including a new Congress and Administration in the U.S.), and the shifting responsibilities of employers within the broader healthcare sector. The trends outlined below will be focal points for employers and industry stakeholders throughout 2025.

• Health care costs are growing at historic rates – sparking an impetus for change.

• Employers must tackle rising pharmacy costs to control overall expenses.

• Employers may need to defend physical well-being programs; more sophisticated approaches are needed.

• Progress has been made in mental health, yet more challenges lie ahead.

• Employers and vendors must better enable employees to find the right support at the right time.

• Employers will hold their vendor partners to higher standards.

• U.S. policy changes and global economic shifts will affect both employers and employees.

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