10 Employee Benefit Plan Tips Usually, there is a disconnect between employers and employees as it relates to employee benefit plans. Employees want a comprehensive plan and employers need to be watchful of the bottom line. Pleasing both parties is not always easy to achieve. Here are 10 Employee Benefit Plan Tips that if incorporated into your plan, will satisfy … Read More
Want to Learn About the 9 Biggest Mistakes Made on Benefit Plans?
If you think the benefits industry is child’s play, you’re mistaken. I’ve listened to a number of benefits brokers “pitches” and if I find their approach confusing then chances are you will too! It’s not difficult to see that the biggest mistakes made on benefit plans are due to misinformation and the self-serving needs of the benefits consultant. Get … Read More
5 Questions Every Business Owner Needs To Ask When Selecting an Employee Benefit Company
If you’ve been tasked to investigate setting up a new employee benefit plan for your company, you will be overwhelmed by options. The process can be daunting, and the consequences can be dire. Most benefit consultants will push you towards an Insured plan, but you have options. There are many more questions to ask when implementing a benefit plan, but … Read More
When is it Time to Kick Your Employee Benefits Provider to the Curb?
When to change benefit carriers? The quick answer is only after you’ve exhausted all other avenues with your existing carrier. Many brokers will paint this portrait of changing to their carrier will be less expensive, better service, greater satisfaction levels for employees and a vast improvement over your previous supplier. Reality is often a much different scenario. In fact, … Read More
How Can Your Benefits Plan Benefit From a Third Party Administrator?
A prospective client asked me recently ‘why use a Third Party Administrator?’ I thought this was a blog-worthy item of interest and write about it this week as this is not the first time I’ve been asked this question. First of all, it’s important to understand what a TPA is all about and what role do they fulfil within the … Read More
Which of the 4 Benefits Plan Funding Models is Right For Your Company?
Today, the stakes are high when setting up an employee benefit plan for your company. Trying to find common ground on risk adversity, cost certainty, employee security, plan sustainability, and affordability all begin with your plan funding model. Arguably, your plan funding model can represent one of your most important decisions when setting up your plan. Arbitrarily deciding one or … 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
Is Your Company Benefits Plan In The Wrong Benefit Funding Model?
When you’re looking at your employee benefit plan, it’s important in understanding the benefit funding model available to you. First of all, you need to understand what a funding model is as it relates to your employee benefit plan. For our purposes, we will focus on the options most readily available. Many benefits brokers don’t offer options on funding models. … Read More