Develop strategies to control your healthcare costs
Feel caught between a rock and a hard place because you need to hang on to your valued employees, but you also need to cut the cost of providing health benefits for them? Our employee benefit consultants can help you restructure your employee health benefits program and/or negotiate new contracts with benefits providers so you can provide health care and still keep it within your budget.
In most cases, our employee benefit consultants can help you reduce your healthcare costs while maintaining and sometimes enhancing the benefits you provide your employees. We will help you develop strategies to control costs and help you find best-in-class employee benefits administrators.
Predicting big change in law-regulating retirement plans
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Strategies to control the costs of employee health benefits
To begin, our employee benefit consultants will review your current employee health benefits plan, then create models to analyze the effects of changing various factors such as vendor selection, funding arrangement, plan design, and wellness strategies. We will help you develop employee benefits management techniques that will improve your management of the plans and lower costs.
Our employee benefit consultants will help you compare your plan designs and costs to market. After we did some benchmarking for a client, we found that the company’s program was 150 percent of market because of an outdated plan design and no employee contributions.
We recommended a competitive plan design and employee contributions that reduced the employer’s cost of operating the plan by $250,000 in the first year.
Employer saves $400,000 after benefits review
For another client, our employee benefit consultants were able to recommend changes yielding up to $400,000 in savings. During the renewal process for 2009, we helped the employer investigate self-insuring plans with BCBSM. By self-insuring and purchasing appropriate stop-loss insurance, the client expects to save $400,000 against the quoted 2009 fully-insured renewal, with additional savings expected in the next two years.
As well as cutting cost, our consulting team can help you implement creative techniques to prevent cost. We will help you provide your employees with behavioral and economic incentives to improve their health and reduce your healthcare costs.
Our employee benefit consultants can help you reduce your healthcare costs while maintaining and sometimes enhancing benefits.