Competitive employee benefits packages are essential for attracting and retaining quality employees, but continuing to offer them can be tough with the rising cost of health care squeezing an already tight budget. Cutting benefits may seem like a necessary reality for some companies, but could have serious long-term consequences.
Retaining employees throughout these rocky economic times is vital so that your company remains competitive and positioned favorably in its industry as the economy rebounds. One remedy could be implementing a strategic benefit plan, which will help you find ways to contain or even cut costs while still offering competitive benefits.
What is a strategic benefit plan?
A strategic benefit plan is a three-to-five-year plan crafted by you and Employee Benefit Advisors, Inc. that outlines goals, strategies and action plans in regards to your employee benefits program. In creating your plan, EBA will strategically analyze ways to contain costs through various plan improvements. This approach is a methodical and logical long-term approach to benefit planning, as opposed to making decisions year to year, and will provide a thought-out road map for your future benefits.
Each year, we analyze each of your coverages, by line, by benefit, by utilization, and by cost driver, ranking each one in a cost-benefit analysis.
Secondly, we then overlay cost-reduction strategies with the higher ranking of those cost drivers to determine where we can maintain a benefit level but seek to drive down utilization or improve efficacy and outcomes or catch high-funded claims before they occur.
Finally, we wrap all this evaluation and analysis in an annual report to you based on recommendations we would make to plan designs to seek the financial outcomes that fit your specific budget.