As the economic conditions in the United States slowly begin to improve, many state and federal agencies are wondering how to regain capital that was lost over the recession of the past few years. Some have suggested the low cost of employee benefit services might help to relieve financial pressure if utilized correctly, and industry experts have spent a long time studying the mathematical effects of this proposition.
For example, one analyst company surveyed all 50 states and the District of Columbia to determine the effect of health benefits plans on fiscal savings and budget constrictions. The 2011 report recommended auditing plan administrators, argeting wellness and disease management programs and improving medication-adherence systems in order to experience the maximum return on investment.
"States are interested in how peer jurisdictions structure employee health coverage. The interest is particularly acute among states that are grappling with continuing budget shortfalls," said senior vice president and National Public Sector Health Practice Leader Rick Johnson, according to a press release. "In addition, many local jurisdictions are interested in how states design employee health coverage as models for their own programs. Many public sector plan sponsors are currently re-assessing their plan offerings — they should examine the Study to determine where their plan stands."
If you are a government employee and are unsure of where your respective agency stands on health benefit plans, it would be a good idea to speak with your internal employee benefit consultants. This way, even something as complicated as a medical expense reimbursement plan can be clearly explained so you understand every aspect of the program.
If utilized correctly, industry research and statistics have shown that federal agencies stand to save at least some money by switching to a more cost-effective health benefits plan.
