Managing your benefits plan costs can be a quick fix, but should be a long-term strategy.
According to the US Department of Labor, employers spend more than 30% of payroll on employee benefits, and every employer knows that this number is growing. As health care premiums continue to rise, employers are struggling to find creative, strategic ways to control costs while maintaining competitive benefits to attract and retain the best talent. Tactics such as changing carriers, slashing benefits and shifting costs to employees provide only short-term financial results and negatively impact employees.
Analyzing health care costs and utilization, and better understanding employee needs, can help you tailor solutions and develop employee incentives that reduce costs and slow increases over time.
As employers become more limited on cutting benefits and shifting costs to employees, many look to health management programs that help employees stay healthier and educate them about how to use their resources more prudently.
Savvy employees also turn to the most accurate benchmarking data and trends available to accurately evaluate costs, contrast their current plan’s benefits against the competition by region, state, industry and size, then adjust their strategy accordingly.
We provide exclusive access to the most comprehensive benchmarking survey of benefit plan design and costs ever conducted- for employers who want to be more informed and confident in their benefit decisions.
UBA helped employers save an average of 6% from the initial medical plan renewal offer in 2011, which translates to a staggering $592 million in annual medical plan cost savings. To find out more on how to reduce cost for your company, please click here.