According to research conducted by Cigna + Oscar, 70% of small businesses have seen a decline in their revenue, and 52% have laid off or furloughed employees. As businesses begin to reopen many have begun to prioritize health insurance as a higher priority in their budgets, about two/thirds. The data analysis also concluded that access to affordable solutions to support health and well being of physical and mental health is at a high of 88%.
Cigna + Oscar Survey
“Companies across the U.S. have long recognized that investment in the health of employees and their families is critical because they know that a healthy and productive workforce is a key driver of their business success,” said Julie McCarter, vice president of product solutions at Cigna. “Now that link has been magnified, as employers large and small view a healthy workforce as a condition of getting their businesses up and running again in a COVID-19 environment. Through our partnership, we are providing more choices for affordable, predictable, and simple health coverage to small businesses at a time when they need it most.”
“Small businesses are the lifeblood of the U.S. economy and have been significantly challenged by the COVID-19 pandemic,” said Chelsea Cooper, senior vice president of small group business at Oscar. “Cigna + Oscar was created with the purpose of addressing small businesses’ unique challenges through solutions tailored to their budgets and care designed to prioritize their employees’ health needs. Their top priority is our top priority, and right now that’s recovery.”
Greater Need
The survey conducted reviewed over 1,000 small business decision-makers, and concluded the high rate of 88% of companies who say health and well being of employees is a concern following the effects of COVID-19. Over 50% of small businesses are considering or unsure about the changing of their health insurer going into the year of 2021.
- Respondents report that wellness benefits and health insurance rank as the top two most important benefits to offer their employees, above flexible or remote work options, financial planning resources like a 401(k), dental and vision insurance, and paid time off.
- Top factors that would influence small businesses to change their health insurer include a large network of top hospitals, doctors, and specialists, and better understanding and greater care about their business and employees.
- Whether an insurer provides flexible options to support business recovery and broad access to digital tools like telemedicine is more important to small businesses following the pandemic.
Better Value
Based on the survey by region the results are even higher. Small businesses in GA, CA, TN all trend higher than those of national respondents. However, all respondents did place greater importance on a better cost-effective method of handling health insurance such as premiums and deductibles. Small businesses have also put a higher value on elements of insurance that have not been offered traditionally by many health insurance companies.
- 74% of small businesses in Northern California indicated that flexible options to support recovery and communications and resources are the top two factors for them in selecting an insurer.
- 75% of Nashville small business decision-makers value an insurer that offers affordable coverage for employees’ dependents like children.
- 78% of small businesses in Atlanta say high-quality, personalized customer service and dedicated care support teams are more important to them following the pandemic.
Cigna + Oscar Partner For Opportunity
Cigna + Oscar offer fully insured health plans that include no charge, 24/7 virtual doctor visits, $3 drug co-pays, and dedicated Care Team member support as well as access to networks of quality physicians, specialists, and hospitals. The plans have been designed in partnership, which also expands access to Behavioral Health services through Cigna Behavioral Health’s specialized coaching programs and 24/7 crisis helpline.
Pending regulatory approval of Cigna + Oscar products, small businesses will have access to unique services driven by the combination of Cigna provider relationships and Oscars consumer-centric approach. We can’t wait to see how these companies work together for the greater good.
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