When was the last time you looked at your group benefits coverage? You could be leaving money on the table or giving up benefits enhancements that may help with talent acquisition and retention. Additionally, auditing your insurance carrier for service and value makes sense and does not necessarily mean you have to go with a different insurance carrier.
Let us look at the advantages of reviewing your benefits plan with the guidance of a People Corporation group benefits consultant.
Some common reasons to review your group benefits plan are:
There are also external reasons that make it imperative to periodically review your group benefits, including industry benchmarking and financial analysis. If you do plan to make a change, it is important to communicate to plan members that any changes made have their best interests in mind. Additionally, a review of current coverage can help you avoid becoming a victim of the Great Resignation and help to keep key talent.
Engaging a qualified third party with expertise in the insurance industry can take some of the pressure off internal resources. It can also help you find coverage in your budget that uniquely suits your industry and company.
Employee benefits benchmarking can help you understand what the competition offers and that you do not. Whether you hire an external team to do it or assign internal resources, it is important to complete a plan review that contains a comparison of other companies in the industry.
For example, if you have a group benefits plan that does not allow substitution between brand name and generic drugs, you are missing out on an important cost control measure. On the other hand, if the competition offers an employee wellness program and you do not, this could negatively impact your talent retention and insurance costs. Introducing a wellness program is just one way to contain the cost of claims while improving the health of your workforce.
A strategic analysis of your provider and drug spending is another way to compare your current insurance carrier to other alternatives. Here are a few things we look at when you partner with People Corporation to evaluate your group benefits plan:
If you are paying excessive premiums for worse coverage. It may be time to make a change for cost containment purposes.
It is important to take advice only from those who are experts in group benefits. This does not necessarily include brokers or consultants who specialize in financial planning. We can help you take a deep dive to analyze your group benefits plan on a larger scale, comparing it to other corporations in your industry. With one of our trusted group benefits consultants, you can save money and time by implementing real solutions at the right cost.
By taking the time to fully understand your group benefits and insurance carrier, you can make the right decision when it comes to modifying or changing your existing group benefits plan.
Contact People Corporation today for advice on how to get started with your plan evaluation.