The employee benefits planning process is complicated and constantly evolving. Businesses can eliminate the guesswork and better ensure their benefits deployment and offerings are compliant with all federal and state requirements by hiring employee benefit consultants.
These professionals can help an employer’s human resource staff by providing a strategic evaluation of current plans and comparing it to future needs and trends. The consultants will start with an accurate analysis of the strengths of various benefits packages currently being offered and then move on to create a strategic plan for the long term.
For example, employee cost sharing programs have become increasingly popular, which can sometimes drive up the cost of employee deductibles. According to the Healthcare Financial Management Association, the median deductible required by employers for individual coverage in a standard preferred provider organization (PPO) increased from $500 in 2007 to $1,000 in 2008. In 2010, this increased to $1,200, reports The Wall Street Journal.
The average rate of deductible increase is making it harder for employees to afford proper healthcare and sticking employers in a tough situation. Employee benefits services can give employers the information they need and a proper plan of action to keep healthcare costs down.
Benefits services can deliver comprehensive and customized benefits consultations and recommendations to address strategic business goals. By combining technological innovation, smart support systems and efficient procedures for delivering crucial benefits services, a company can succeed in the competitive market and hold on to its star employees. Aligning benefits packages with corporate goals can give a business the ability to outline key expenditures and unnecessary costs with a spreadsheet..
