With limited budgets and an aging workforce, employers are copying the move from pensions or defined benefit plans to 401(k) or defined contribution for healthcare costs shifting costs and choice to employees. Not only are most employees unable to afford to pay more for benefits, they are ill-equipped to know who much to allocate to the various benefit options.
Technology can play an important role in the “DC-ization” of healthcare and other benefits. MassMutual VP Tina Wilson explains how their recently announced tool, which looks more than a game than an app, helps employees create the right benefit budget based on their financial position. Really fascinating and groundbreaking technology in the ever changing world of benefits as healthcare and retirement continue to converge.
