EMPLOYER PSA
Why Benefit Advisors Are Essential To Effective Health Benefit Management
According to a survey conducted by the International Foundation of Employee Benefit Plans , US-based employers are expecting a 7 % increase in healthcare costs in 2024 . Providing top-notch health benefits is one of the main methods organizations lean on when attracting and retaining quality talent . With the rising cost of benefits and their importance among employees , employers are stuck in a near-impossible balancing act .
Should costs be cut elsewhere to supplement the cost of health benefits ? Should health benefits be reduced to keep costs affordable ?
There are multiple ways that we — or any benefit advisor — can help . The checklist below breaks down four major areas where Employee Benefits Advisors can help turn your current benefits challenges into cost-saving opportunities .
DISCOVERY
A crucial step on the journey to reducing the price tag of employer-sponsored health benefits is working with an experienced benefits advisor to assess the current state of your organization . What are you offering right now ? How much does it cost ? What is your company culture ? Who are your employees ? What do they need most ? What are your competitors offering ?
During this process , you ’ ll likely see a combination of the following :
• Information gathering
• Employee interviews
• Organization-wide surveys
• Benefits usage analysis
• Comparison insights within your industry
PLANNING
Once the current state of your organization ’ s benefits landscape is clear , our benefits advisors can educate your leadership team on new tools or technologies that you can leverage to reduce costs associated with benefits without compromising care , quality or availability .
For example , AI-powered platforms can be used to interact with employees who have questions about their benefits , taking the burden off of your internal staff and allowing them to focus on other priorities . If benefit funding is the main challenge , our benefits advisors can provide information about alternative funding options such as self-funding , level funding , and referencebased pricing .
There are many ways to approach the balancing act of health benefits , let our benefits advisors create a tailored solution that works for your employees and your bottom line .
IMPLEMENTATION
Depending on the plan curated in the above step , expert benefits advisors can help bring the new strategy to life . We ’ ll help you find the right providers to partner with moving forward , determine the best ways to communicate changes to your employees , design employee training materials , and so much more .
EVALUATION
Continuous improvement is a major component of benefits strategies for employers , not only with the health benefits landscape change regarding costs and offerings but your employees ’ needs might
change , too . By continuously analyzing benefits utilization within your organization , creating an effective feedback loop among your employees , and identifying any new challenges in this realm , your organization can continue to provide your valued employees with superior access to health benefits .
Keeping your employees safe , happy , and healthy isn ’ t just your top priority but it ’ s the main focus for benefits advisors , too . +
BY : SHAUN STANTON EMPLOYEE BENEFITS ADVISOR , JGS INSURANCE , A BALDWIN RISK PARTNER
Shaun Stanton has over 15 years of employee benefits experience . In today ’ s economic environment , Shaun helps businesses with cost savings initiatives , navigating the ever-changing compliance regulations as well as offering additional value-added services for employees . Shaun believes in a proactive risk analysis for renewal management , the importance of health care education for both the employer and employees and utilizing modern technology for open enrollment . Shaun specializes in the mid-market employee sector and delivers a tremendous value proposition to his clients .
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