Aon: Top 10 features for employer-sponsored medical plans
Business Chief takes a closer look at the findings of Aon’s 2021 survey of average Medical Trend Rates which has been shaped this year by the global COVID-19 pandemic.
The results acknowledge 2020 has been “an unprecedented year” for employer-sponsored medical plans with a decline in uptake and identifies a focus on wellness as a key component in the future.
“Consequently, 2021 will observe the record lowest anticipated global Medical Trend Rate ever recorded, despite plan utilisation being expected to gradually return to prior pandemic levels during 2021,” highlights the Aon report. The global average Medical Trend Rate for 2021 is 7.2% (8.0% in 2020).
The survey was conducted among 107 Aon offices that broker employer-sponsored medical plans in each of the countries covered in the report; Europe, North America, Asia-Pacific (APAC) Middle East and Africa (MEA) and Latin America and the Caribbean (LAC).
Medical Trend Rate is defined as the percentage of change in the cost of health care prior to any cost-containment measure undertaken by plan sponsors.
Aon’s 2021 Global Medical Trend Rates survey is conducted to help multi-national companies:
- Budget for medical plan renewals
- Understand the factors driving medical cost increases
- Devise wellness and cost-containment initiatives to respond to the challenges
View the Top 10 medical plan features for 2021: