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
Why is it Good to be Disruptive in the Employee Benefits Industry?
By definition, Disruptive means “causing or tending to cause disruption”, but in business, it generally refers to “innovative or groundbreaking”. My 15-year son being disruptive in his classroom is not encouraged, but it takes guts to be a trailblazer in the business world. Also, if you’re successful, then the masses will follow. Who Said a Tiger Can’t Change Its Stripes? … Read More
Is It About Time To Modernize Your Employee Benefits 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
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
10 Employee Benefit Plan Tips That Keep Employees and Employers Happy
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
How will Educating Employees on Benefit Plans Create a More Sustainable Plan?
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
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
Why You Deserve to Know How Much You’re Paying Your Benefits Consultant
Let’s be clear about this; transparency and disclosure of compensation is a sign of the times. Some industries work on this premise. It helps to earn trust with clients and ensure that you’re making recommendations because it is in your clients’ best interests and not your own. So how much do benefit consultants get paid? I’m not going to … Read More
What are the Not So Obvious Factors That Impact Employee Benefits Cost?
Over the past couple of decades, employee benefits have increased in importance and have become a critical part of employee compensation programs. Employees are using their dental, prescription drug, paramedical and vision coverage at record levels. The three major factors contributing to the increases in benefits costs are: Aging: As we get older, we use more health care products and … 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
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