Marsh
McLennan Agency (MMA) Michigan will launch its annual Benefits Benchmarking
Study, now in its 20 year, on February 1, 2023. MMA is opening enrollment to mid-size employers with 100 – 100,000 employees based in Michigan—including manufacturing, health care, finance, technology, service, and not-for-profit organizations.
Participants
will receive personalized results highlighting how their benefits strategies
compare against leading strategies implemented by Michigan employers. This data
will help in identifying areas of strengths and opportunities for improvement
in their 2024 benefits decisions.
“Employee benefits are among the top cost drivers for Michigan employers. Given the ever-shifting total rewards landscape, it is as important as ever to secure timely and relevant data round employee benefits level expectations and cost avoidance strategies,” said Chris Bouschet, president of MMA Michigan’s employee health benefits practice. “For 20 years, the study has served as a tremendous source of data for participants as they navigate an increasingly difficult economy.”
MMA’s Benefits Benchmarking Study is the largest and longest-running employee benefits survey in the state of Michigan. More than 400 Michigan organizations statewide are expected to participate in the 2023 Benefits Benchmarking Study. Once completed, the report analysis will:
- - Recap PPO, HMO, and CDHP plan deductibles and co-pays set by Michigan employers.
- - Delve into tactics employed by TrendBendersTM, high-performing organizations that have kept average cost increases below trend over the past two years.
- - Outline how organizations are managing their prescription drug programs.
- - Summarize new trends in employee communications, voluntary benefits, well-being strategies, absence management, and more.
“Given the staggering rates of deferred care due to medical cost inflation (as reported by Gallup), many organizations are seeing drastic increases in costs associated with chronic conditions,” said Drew Higgerson, vice president of employee health of benefits and one of this year’s survey leaders. “Participating in this year’s annual benchmarking study will not only show employers where they rank in terms of expense and benefits relative to the market, but also convey the most up-to-date cost control strategies to consider at their upcoming renewal.”
Data collection opens on February 1, 2023, and will
conclude on March 3, 2023. Results will be released live during our Benefits
Benchmarking results session(s) occurring in June 2023. All data and analysis
will be confidential. For more information, and to learn how to participate,
please visit https://mma.marshmma.com/2023benefitsbenchmarking
