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
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
What is the Secret to Sustainable Employee Benefits Plan Costs?
Health Spending Accounts Advantages for the Employer If I was talking to a business owner about setting up a health spending account, I could tell them that they determine how much they are willing to spend each year and have greater control over the funding of a Health Spending Account program than they do in a traditional plan design. This … 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
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
What are the 9 Obvious Signs You Should Be Firing Your Benefits Advisor?
It ceases to amaze me that in this day and age that some benefit advisors still have clients or are holding onto their clients using the same approach that they’ve used for the past decade or longer. So when is it that you should look at changing benefit advisors? A case in point. I had a meeting with a new … 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
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