EMPLOYEE RETENTION
EMPLOYEE RETENTION :
The Benefit Of Benefits
When it comes to protecting your company , it is not always a matter of staving off disasters , fires , floods , or the myriad other risks that a business faces every day . In fact , in a post-COVID world , it is becoming clear that keeping employees safe and happy in their positions is another essential aspect of risk management . To that end , Nesbit Agencies helps not only with insurance needs but also with Benefits Administration , Human Resources , and Employee Retention . Often , it is simple and easy changes to benefits plans that could mean the difference between keeping star employees and losing them to the “ Great Resignation .”
With regard to medical benefits , there are three commonly used payment models : Fully Insured , Self-Insured , and Level Funding .
Fully Insured models see the carrier assuming the financial risk of health insurance including claims . The employer is charged a monthly fee in exchange and usually knows the costs ahead of time . These plans are subject to state rules and regulations . The unfortunate downside is that Fully Insured models are unlikely to have cost decreases even if the previous year had low plan utilization . The compounding effect of year over year increases has made numerous medical budgets unsustainable ! There are solutions !
Next up are partially Self-Insured models . These see the employer assuming a large amount of the financial risk of the health insurance and , ultimately , paying medical claims out of pocket . These can be customized more easily for the needs of a given employer , and the employers can make contact with providers and provider networks to best meet their employee needs . Usually , these plans see the employer working with a third-party administrator who handles the administrative duties behind the scenes . While these plans are not subject to state health laws or health insurance premium taxes , they are subject to federal laws . Many association plans exist and utilize this structure , as well as PEOs .
The third common payment model is Level-Funding . These are a hybrid between Fully Insured and Self-Insured models . The employer will pay a set amount each month to a carrier and the carrier will pay the claims throughout the year . If the monthly payments of the employer exceed the amount of claims being filed , the employer receives a refund from the amount they paid over their monthly claim allotments .
While these three models offer a lot of flexibility in terms of what an employer can choose for their own particular needs , Nesbit has been in the game long enough to be able to offer some other , more specialized , plans in some situations . One example of this is an individual coverage health reimbursement arrangement ( ICHRA ) which allows employers to reimburse employees tax-free for qualified medical expenses , including individual medical plans . These types of programs are not for everyone , but the takeaway is that Nesbit is able to offer the flexibility and expertise to find a plan for you .
On average , Nesbit is able to save groups 20 %– 30 % from their current medical premiums . For more information and to see if you could be saving on your benefits , contact Steve Strege at SStrege @ nesbitagencies . com . +
Steve Strege has over 25 years of experience in all areas of employee benefits consulting , especially with creative cost trend reduction , union negotiation , mergers and acquisitions . Seamless HR , compliance , and benefit integration with constant guidance and high touch service is standard . Data analysis is a focus , and individualized decision support . Nesbit has tools allowing cutting edge consumerism on prescription drugs and all other services . Better and more accessible information allows for better decisions ! Steve believes in lowering trend through better utilization of employee benefits and he is a Certified WELCOA Well Workplace Practitioner . Online and mobile access for enrollment and compliance is offered and saves time and hassle .
Recognized as an Industry-wide Leader of Group Health Insurance , by Twin Cities Business Magazine - Five Star Health Insurance Professional Award . Award recipients represent the Top 7 % of MN Brokers / Consultants . Award evaluated by a Blue-Ribbon Panel of Health , and Insurance Industry Experts ( an independent 3rd party research company administered a rigorous research process across 10,000 Twin Cities based small business decisionmakers asking them to evaluate their company ' s health insurance professional . Evaluations based on nine criteria : customer service , integrity , knowledge / expertise , employee communication , employer communication , scope / depth of consultation activities , quality of recommendations , post-sale service , and overall satisfaction ). You can contact Steve at 952-746-4365 or sstrege @ nesbitagencies . com
13