With the costs of medical insurance regularly increasing, banking and finance organizations are looking to other means in order to control costs. According to the 2011 Compensation Data Banking & Finance survey results, the most common of those options is coordination of benefits at almost 85 percent. That number is up slightly from 83.3 percent in 2010.
A network of health professionals and disease management and are the next most prevalent methods used. More than 77 percent of organizations report using a network of health professionals, and nearly 73 percent offer disease management. Disease management showed the largest increase, up from 67.4 percent in 2010.
The biggest decrease from 2010 to 2011 is in the inclusion of pre-existing condition clauses. In 2010, almost 41 percent of banking and finance employers attempted to contain costs with pre-existing condition clauses compared to 36.4 percent in 2011.
“As banking and finance organizations face the same struggles as other industries, they are looking for ways to contain costs,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “In 2011, more than 27 percent of organizations reported offering a choice of deductible levels to employees in order to find a healthcare plan with lower costs.”
The most popular measure of reducing the healthcare costs placed on the employer was to increase the employee portion of the premium. The results show nearly 58 percent of banking and finance companies shifted some of the premium cost to the employee based on a percentage of the total cost. Forty-four percent of employers increased the deductible levels in an effort to lower the overall costs of the plan while 21.3 percent increased the employee co-insurance level.
About the Survey
Compensation Data 2011 Banking & Finance contains data on more than 450 titles ranging from entry-level to top executives. The results feature data from more than 200 banking and finance organizations reporting on nearly 7,300 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 1, 2011.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.