Canny employers know that it is important to constantly review benefit agreements with insurance carriers. To get the best deals, frequent negotiation will yield lower rates and increased levels of coverage that help to maintain worker loyalty and financial value. Employee benefit consultants can help in this process and will be able to lend their expertise to such matters.
However, an oft-overlooked aspect of the reevaluation process involves non-medical coverage. Because it is sometimes the most important type of insurance for workers (as well as some of the most expensive), health insurance is usually the focus of these sorts of reviews. It is important for employers to remember that there are savings to be had in other kinds of coverage.
For example, child care is rapidly becoming an essential sort of benefit because women can no longer afford to take significant amounts of time off work when they have children. Companies may imagine that their child care benefits are already top-notch and require no further review. However, as these services become more competitive, the stakes are raised and the ability to regularly evaluate the costs and savings associated with such benefits will be raised.
