Going beyond the rates. The renewal of employee group benefit plan offers an opportunity to re-evaluate and decide what you want from your benefit plan.
Do you want to see how your pricing compares to other benefit providers?
We do that … Compare what the market place offers, but more importantly, we can illustrate through our comprehensive (more than two decades) tracking what the rates look like after the rate guarantees have expired.
Remember, there are no apple-to-apples plans any longer. You are always giving something up, coverage wise, reserve funding, etc., when there is a move to another provider.
How much choice and control you want and expect when it comes to plan design coverage will depend on “who” is offering the benefit plan. When considering other providers, understand the differences between:
· Traditional Insurers
· Benefit Providers
· Association plans
· Third-party administrators
· …and the role of the benefit broker/consultant with each
Do you want the benefit plan to cost less?
We do that … Strategically slash benefit coverage based on what may be overused, or under used by analyzing the data points.
What you are giving up in coverage may cost an organization more in the end through unsatisfied employees, reduced morale, culture killer, and increased turnover as staff look elsewhere for the coverage they need.
Do you want rate/premium stability?
We do that … Ensuring that clients understand the data points means we can actively look at other, competitive options that provide choice and control over the benefit costs.
Is there a fit for adding in an administrative services only (ASO) option, or perhaps health spending account (HSA), maybe a personal spending account (PSA) for certain lines of benefits.
These kinds of decision must take into account, nit just the costs, or savings, but premium split, tax consequences and employee perceptions.
Do you want the benefit plan to attract and retain quality employees?
We do that … Understand the best methods of marketing the plan in recruitment and staff communication.
We offer a Just-in-Time benefit library, providing access to trusted benefit information to share whether when actively recruiting, or keeping them engaged in the perks of coverage.
Having employee information sessions on a regular cadence supports a caring corporate culture.
Do you want the plan to offer more financial security for the employees?
We do that … Having challenging conversations, getting to the heart of what’s important will allow for further planning on additional elements to the coverage.
There are many options available for matching and tax effective, group retirement benefits.
Do you want the plan to protect the employee’s salary in the event of a catastrophic event?
We do that … At the end of the day, insurance is all about risk mitigation. Risk of loss of life. rRsk of loss of income. Risk of a catastrophic event.
Ensuring the plan includes coverage for short and long term disability with a highest available non-evidence maximum will create a safety net for employees at a time of crisis.
Placing group critical illness coverage for as little as $25,000 per employee is usually less than $18 per month.
Taking into account the risks involved in a disease diagnosis with significant cost implications due to the costs of drugs, we work to ensure plans are created to drug formularies without restrictive exclusions, while having stop-loss coverage for high claim exposure.
Do you want the plan to provide access to emotional, mental health options?
We do that … Understanding every human being has a different “tipping” point means being certified as a Workplace Mental Health Leader.
Adding a comprehensive employee assistance program (EAP) is typically less than $5 per (cheaper than a coffee) per employee, per month.
Do you want the benefit plan to help make employees more productive?
We do that … Sharing what is pro-active verses reactive for benefit coverage is significant for planning out what will help employees perform their job duties more effectively.
Working to align the benefit coverage with safety and performance measures means we are creating stability within the staff members.
Healthy employees are safe employees, are more productive employees. This has been proven to create an effective ROI for the corporation.
Do you understand what your benefit consultant does for you, the plan and your employees?
Yes, we do more than you think … Your MP Benefit Inc. consultants work to reduce the plan administration workload because we WORK FOR YOU!
Our bi-weekly newsletters are chalk full of valuable information where we keep our clients updated by summarizing any industry, or legislative changes that will impact coverage and expectations from employees.
We assemble and prepare resources and handle questions so those tasked with plan administration can focus on high-value priorities within the organization.
We deliver expert-level clarity by translating complex insurance terms into plain, relatable language that employee understand and can trust as accurate.
Often overlooked is the how we provide a confidential contact option. Employees often feel uncomfortable bringing questions related to personal health or family concerns to a fellow member of staff, even those in the people and human resources role, while as your trusted advisor, we offer a safe, private option for guidance.
It is time to have a conversation.
Reach out if you would like to explore your corporate benefit options, like:
· Challenging the notion of the Lifestyle Drug
· The value of a thorough analysis
· Why place a benefit plan in first place
Note: From a human’s mind … this was written without the aid of Artificial Intelligence (AI)
Disclaimer: Please note that the information provided, while authoritative, is not guaranteed for accuracy and legality. The site is read by a world-wide audience and employment, taxation, legal vary accordingly. Please seek legal, accounting and human resources counsel from qualified professionals to make certain your legal/accounting/compliance interpretation and decisions are correct for your location. This information is for guidance, ideas, and assistance.
