Benefits Pricing Challenges
Benefits self-evaluation questions
- Who is communicating the value of your benefits program to your employees and how?
- When did you last audit your benefits package and what changes did you make?
- Who ensures that your company is in compliance with all required notices and plan documents?
Offering a good employee benefits package was once virtually guaranteed by negotiating a few benefit selections annually. It’s not that way anymore. Benefits are diminishing due to rising cost. Employer’s budgets are strained now more than ever.
Most business we talk to tell us definitively that their current benefit firm has secured the best pricing available and compliance needs have been met. Typically, through a brief analysis, we find this is simply not the case. It requires a broker with deep knowledge of benefits and creativity to keep cost down. Trying to fix the challenge with more quotes from more brokers simply won’t do it. It takes a comprehensive approach to plan design, carrier selection, efficient administration, plus employee education and engagement to effectively control healthcare cost. Healthier employees equal a healthier bottom line!
Getting ahead of this venomous cycle requires the right partner who can deliver results based on specific needs. Outdated processes of delivering “another” spreadsheet or shuffling legislative news through an email are no longer tolerable. It takes a genuine benefits professional with defined resources to accelerate your results above and beyond what may now feel like an acceptable process.