AGENT SPOTLIGHT
Employee Benefits With A Long- Term View
For employers, employee benefits are both an investment in their people and a significant business expense. Getting that balance right takes more than comparing premiums at renewal time. It requires understanding what employees value, what the organization can reasonably sustain, and which options can deliver meaningful benefits without losing sight of cost.
That is the approach Steve Strege, President of Employee Benefits at Nesbit Agencies, brings to clients.
With medical costs continuing to rise faster than general inflation, Strege sees employers looking more closely at how their health plans are structured. Traditional plans remain part of the conversation, but alternative funding arrangements can give qualifying organizations additional options.
“ We have some unique plans that can save 20 %– 30 % on medical insurance if the employer qualifies,” Strege says. He encourages employers to ask about different approaches to medical plan funding, including level-funded plans, self-funded plans, and captive insurance. In some situations, an Individual Coverage Health Reimbursement Arrangement( ICHRA) may also be a viable solution.
The goal is not simply to find the lowest-cost plan. It is to understand the organization, evaluate the available choices, and build a benefits strategy around both quality and financial sustainability.
Benefits As Part Of Total Compensation
A strong benefits package can play an important role in attracting and retaining key employees.
Nesbit Agencies’ own employee benefits guidance describes group health insurance as a core part of the compensation
package and an important consideration in recruiting and retaining employees.
Strege believes employers can also do more to help employees recognize the value of what they receive.
Nesbit Agencies uses total compensation statements to help employees see the dollars their employer invests beyond salary alone. Newer communication tools encourage employees to use virtual and telemedicine options, while Nesbit Agencies also helps employees find ways to save money on services, especially prescriptions. Tailoring multimedia messaging to individual employees can drastically increase engagement, resulting in better retention.
That broader view can give employees a clearer picture of the value of their benefits package.
For employers, however, providing valuable benefits while managing costs remains a challenge.
“ Cost and quality are always key,” Strege says.“ We benchmark to make sure we get the most value out of plans.”
14 • NesbitAgencies. com