What are the 4 Services You Must Get Rid of from your Employee Benefits Plan?

ORPP means for business

Some benefits on plans should be eliminated or enhanced to give more value to employees and stakeholders.  By having them on your plan, they are subject to abuse.  It is not necessarily your employees’ fault, and the practitioners are all too willing to take your benefit dollar as far as it can go.  Since benefit renewals are all based on … Read More

Is It About Time To Modernize Your Employee Benefits Plan?

modernize your employee benefit plan

Employee Benefit Plans of the Future A lot has changed in how a company goes about setting up its employee benefit plan.  The costs, risks and potential consequences reign immensely on a company to attract and retain great employees and be deemed an employer of choice.  Strictly setting up an insured benefit plan is not the only solution as it … Read More

Why Marketing Your Group Benefits Plan Every Couple of Years is a Bad Idea

Marketing Your Group Benefit Plan

The traditional approach taken by most benefits consultants is to take your benefit plan out to the insurance marketplace for pricing. This, however, is a short term solution and not a sustainable practice. This is at best, a knee-jerk response to costs that are climbing out of control and doesn’t address the real issue of getting claims in hand.  It also … Read More

How will Educating Employees on Benefit Plans Create a More Sustainable Plan?

Educating Employees on Benefit Plans

Educating employees on benefit plans means more than just explaining what their plan includes and how to make a claim. So how will educating employees on benefit plans create a more sustainable plan? Many of my clients know how much I emphasize this point with their plan sponsors.  It probably is the single most important detail in ensuring that a plan … Read More

5 Reasons Why Benefit Plans for Business Owners Should Differ From Employee Plans

benefit plans for business owners

I walk into many privately-owned companies only to find out the business owners are set up under the same benefit plan as their employees.  Should benefit plans for business owners differ from employee plans?  In a word, Absolutely! It’s all too common that I see business owners having the same co-pay obligations as their employees.  So if an owner goes … Read More

How To Make Your Employee Benefit Plan Go Further

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