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During benefit consultations, we often hear from our plan administrators that they would like to keep their employees happy while keeping their benefit plans sustainable. That’s no small task since plan variables have changed more in the last two years than in the past 20. So, it is important that we create choice for our clients. Our firm constantly looks for ways to save our clients money and make their plans sustainable.
For example, let’s take a quick look at premiums. Premiums are rates that are determined by the following rate factors:
FACT: No matter what the size a company is all insurers use the same rate calculation formula to determine these renewal rates.
However, some rate factors differ and that is what determines your renewal rate. Even a couple of percentage points difference will unnecessarily cost your company thousands of dollars in additional premiums that you will have to pay.
Let’s look at this another way. The top three factors that impact costs but are the most controllable are: 1) The administration costs your insurance company charges; 2) The benefit coverage you offer employees; and 3) Your annual claims experience in your plan.
If we decide to target the third factor, an employer can make significant cost reduction. However, the challenge is how do you improve the cost efficiency of the claim costs while still providing your employees with full access to the benefit plan?
We have proven solutions of cost-effective programs such as implementing one or more of the following:
Working with a successful Benefits Advisor team comes with some very big advantages, such as:
Finally, Green Benefits Group is part of the largest independent national benchmarking service in Canada. We will compare your current benefit plan, overall compensation and business objectives against other similar-sized businesses with geographic factors included. This knowledge gives us fundamental information about the various corporate cultures, employees, and plans so you know you’re operating on an equal benefits platform.