Picwell Blog

Why People Like You Matter During Benefits Enrollment

Sep 30, 2020 11:10:59 AM / by Picwell

When selecting benefits decision support solutions, it’s important to know what you are getting. A true benefits decision support solution will be smart, intuitive, quick, and thorough. It should ask questions that are easy to answer and use data and analytics to predict individuals’ health risk. 

One way that Picwell does this is by compiling responses into a profile and comparing that profile to people just like you. This is a feature we like to call People Like You.

People like you matter for all sorts of things. When you shop on Amazon or browse Netflix, "people like you" are impacting your decisions. That's because these companies are combining data on you and data from "people like you" to help inform your decisions.  Picwell's new People Like You feature is similar.

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Here’s how People Like You works

As employees enter information into Picwell, our system uses artificial intelligence to identify the factors that best predict how much healthcare they will need, and searches through a large database to find people with similar healthcare needs and risks. Then our system analyzes their spending across different types of healthcare. 

Our new People Like You feature allows your employees to explore the results of these calculations.

It shows the percent of "people like you" who have low, moderate or high amounts of medical spending each year, how likely they are to use different types of healthcare services, such as office visits, labs, or urgent care and emergency visits, and how much they typically spend on that healthcare. This gives employees a glimpse into the spending and risks of people like them, and it helps us identify how much health insurance they actually need.

To put it simply, once an employee answers a few easy questions, we’ll calculate how much they’re likely to spend on healthcare and what their risk is of having higher than average healthcare spending. All of their information is anonymous and we don’t save anything after they’re done.

This entire process takes just a few minutes, and afterwards employees are directed to a page that ranks the medical plans available to them with the best match showing up first. When they get to this page, they can click “Explore our Predictions” to get more detail about how we came to our recommendations.

Explore Our Predictions

Once an employee clicks “Explore Our Predictions” a new screen will appear showing different categories. Each category contains important information that will help them better understand how Picwell came to their results. These categories include:

  1. How We Make Our Predictions
  2. Your Healthcare Usage
  3. Your Potential Spending
  4. Your Results

 Let’s dig a little deeper into what they can discover in this part of the tool.

1. How We Make Our Predictions

First, we explain how we make our predictions. As mentioned above, the process utilizes data and AI to determine which healthcare plan makes the most financial sense based on an individual's needs and preferences.

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2. Your Healthcare Usage

For employees, one of the hardest parts of picking an insurance plan is figuring out how much insurance they actually need.  Even if they’re pretty healthy, there’s always some risk that they will end up needing to spend more - and sometimes a lot more - than they expected. To help them understand their risk, we show them how likely people like them are to have low, moderate or high levels of healthcare spending each year.

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3. Your Potential Spending

Employees can also explore how people like them utilize healthcare across a few different types of services and how much they tend to spend on those services.  They can click through to learn more about people like them including how often they need routine office visits (e.g. going to a primary care provider or a specialist), lab work, urgent care clinic or emergency room visits, and hospital stays. For each category, they will see the percentage of people like them who utilized this type of service and how much they spent. This lays it all out in an easy-to-digest format so they can get a full picture of what their next year of healthcare spending might look like.

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4. Your Results

Last, we explain how the results are calculated. Every recommendation from Picwell is completely unique, and is based not only on an employee's responses to questions about past healthcare usage but also how much they can afford to spend in the event of an emergency as well as their level of risk tolerance.

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People Like You Matter During Benefits Enrollment

Not only does People Like You provide more insight into how our predictions are made, this type of transparency empowers your employees to select the best plan for themselves and their families. With People Like You, it is easy for employees to understand why a specific plan makes more sense for their needs, both physically and financially, and they can walk away from benefits enrollment with confidence.

Want to see Picwell and People Like You in action? Schedule a custom demo today.

Topics: Open Enrollment, Benefits Decision Support, Health Insurance, HR Tech, new feature

Picwell

Written by Picwell