What We Do
The objective of all Employers is the same. To offer an Employee Benefits Program to its Employees at a cost the Company and the Employees can afford. Yet that has different meanings to different Employers, different ownership structures, and different industries. We first determine what it means to “you” and then we set forth our goal of meeting that result.
Realignment of Offerings to Employees
From the very beginning of our client engagement, and every year thereafter, we examine the structure of the plan designs offered to the Employees, and determine if it is what best suits their needs and financial abilities. One size does not fit all, and there are always new concepts and designs available for introduction and consideration. This is true even within a given group of Employees whose needs are different from each other.
It is certainly true that most Employers look to offer benefit plan designs and contributions which are somewhat in line with their local competitors, or even similar business types. Nobody wants to be way below the standard….and nobody wants to far exceed the standard. We closely watch what others are offering, and advise our clients accordingly.
Review of Contributions and Competitors
Presentations to Senior Management
Over the past decade, Employee Benefits has had a dramatic increase in the cost of labor to businesses, and resulted in a direct negative impact on profits. This category of expense has risen very high up in the expense ledger, which has resulted in an ever-greater focus of attention by senior management. It is important that we clearly present in financial terms the short term and long term impact of various plan options.
We identify the safety and risk of their plan design alternatives. For example, self-insurance is certainly a consideration for most mid to large size employers, and we carefully analyze if it would make sense for them. In order to do that we look to understand their level of tolerance to risk…..and safety. There are many, many different ways to structure a plan design that is most suitable to a given ownership and senior management team.
There are a multitude of medical plan design alternatives to consider, and they are growing and changing every year. We look to make sure the one you chose provides the best balance between the financial objectives of both Employers and Employees. We never assume which design is best for a given company without first learning about the objectives of all who it involves, and who are impacted by the selections.
Plan Design Ideas
Negotiations with Vendors
This is certainly one of our greatest strengths. Effectively negotiating with the insurers, administrators and other service providers is the cornerstone in developing a competitively priced benefit plan between all parties. While we always seek to maintain a relationship of strong trust and integrity with all providers in the marketplace, it is the Employer who is always OUR client…..and we are always working on behalf of YOU and YOUR interests. Conversely, while the providers are of course looking to maintain a good business relationship with their clients, they are naturally looking for the financial arrangements that would typically lean more in their favor.
Many different components make up the cost of health care plans. Simply speaking it would be the premium split between Employers and Employees. Yet there are so many other options for financial transfer. We review and explain each one of them, to help businesses identify which works best to meet their objectives.