Benetech – your single source for employee benefits expertise.
In light of the continued escalating cost of offering healthcare benefits and the advent of the Affordable Care Act (ACA) – how do we reduce and/or control our future costs?Start with a Strategy
Benetech recommends beginning the process by developing a plan or strategy that has a clear objective – balance cost constraints with your employee relations objectives. This strategy must incorporate a cost-benefit model to accurately predict both short- and long-term cost impacts. Simply buying the least expensive alternative in the marketplace and holding your breath for a reasonable renewal rate just won’t work anymore. A proactive planning approach is the only way to get ahead of this curve. Thinking long-term will yield greater results!
Benetech has simplified the process of purchasing, implementing, and managing your employee benefit plans. The following are rudimentary questions employers should be asking themselves and the answers to these questions should serve as a basis to developing a long-term strategy.
Q. Do we have a realistic budget or cost projection of our current plan? Have we incorporated the cost impact of potential plan design changes and/or funding alternatives? What will our cost be in 3-5 years assuming one of the following occur: no changes, incremental/moderate changes, or substantial modifications?
Q. What are the ideal plan design(s) and funding arrangements to meet our financial goals and employee relations objectives? Could a defined contribution approach make sense? Should we consider integrating a private exchange product into our strategy?
Q. From purely a financial perspective, have we identified the right funding arrangement based on our size and risk tolerance? Have we performed a risk-reward analysis of the potential funding arrangements? Word of caution – don’t make a financial decision until you’ve performed this analysis.
Q. Which insurance carriers and vendors (TPAs, PBMs, etc.) offer the best value proposition based on our needs and circumstances?
Q. How do we efficiently and effectively implement, communicate, manage and evaluate our plans on an ongoing basis?
Q. What specific efficiencies can we expect to derive from this process? How do we qualify these efficiencies (hard and soft costs)?
It is the answers to these questions that will prepare you for developing a sound strategy as it relates to your benefit offerings.
Benetech has developed an array of consulting and advisement services to help you better design, implement, and predict the cost of operating your employee benefit programs. Our services are modular in design, allowing you to pick and choose those services that best meet your needs and circumstances.
You're far too busy facing day-to-day business challenges to become a healthcare expert. No need to know or understand the alphabet soup of acronyms (e.g., HMO, PPO, EPO, HDHP, FSA, HRA, HSA, HIPAA, COBRA, ARRA, FMLA, TEFRA, DEFRA, ERISA, etc.)—leave that to us.
We offer a full array of consulting and insurance placement services: