You’re a great employer! You’ve set up a benefits plan for your employees, but you may be exposed to unrealized liability. Many companies set up a benefits plan to protect their employees but is your employee benefits plan creating a liability for your company? Here are some potential situations that we come across that can potentially come back and blow … Read More
How Do You Ensure the Most Used Part of your Employee Benefit Plan Will Never Increase Again?
Employee Benefit Plans for small businesses are notorious for double-digit inflation. The threat of the unsustainable benefit plan is a fact that many small business owners face every year at renewal. Here’s a way to stop having that awkward renewal conversation with your benefits provider; make the most used portion of your benefit plan a fixed and predictable cost. This … Read More
What You Need to Know About Employee Benefit Plans for Business Owners?
Business Owners: An Important Guide to Employee Benefit Plans Business owners need to be aware of the vital parts of an employee benefit plan. Whether you manage the plan yourself or you have someone else within your business that acts as a benefits administrator, you need to be aware of some key elements that can reduce long term cost, create greater … Read More
How To Make Your Employee Benefit Plan Go Further
To understand cost containment for your employee benefit plan, you need to understand the cost breakdown of a typical plan. The average cost of employee benefits is about $3,000 per employee per year. Approximately 15% of that is made up of administration fees, and the rest (85%) comes from benefit claims costs. Most insurance companies say they will save you … Read More
Why is the EP3 Drug Pool Pushing Companies Back To Insured Benefit Plans?
Many companies have been introduced to ASO plans over the last few years by brokers and carriers. ASO plans can greatly reduce administrative costs, and if a company sets up its benefits plan design can minimize a client’s exposure to unnecessary cost and abuse. But are insurance companies deliberately trying to push clients back to insured benefit plans with the EP3 Drug … Read More