IT’S MORE THAN JUST ABOUT CUTTING COSTS.
Short-term cost sharing tactics can lead to significant onetime savings of 5 to 10 percent but while effective in the short term, particularly for an organization not yet managing costs proactively, these tactics rarely go far enough. Given projected health care cost increases, even an aggressive attack on costs may not be sufficient to protect the health of your bottom line.
At Beneflex we engage in a conversation about the purpose and expectations of your employee benefit programs. We start by identifying company fiscal objectives and initiatives while creating a benefits package that provides true value to the employees. We accomplish this by partnering with our clients to create unique, customized solutions specifically designed for their organization. We impartially look at cost while researching creative, innovative products that leverage your company strengths and ultimately maximizes your cost savings.
LEARN IF SELF-FUNDING IS RIGHT FOR YOU
Improve cash-flow, gain greater flexibility over plan design and reduce costs
The Affordable Care Act has increased employers’ interest in self-funding with 63% of U.S. employees already covered by self-funded medical plans.
Source: Number of employees covered under a partially or completely self-funded medical plan according to Kaiser/HRET’s Survey of Employer Sponsored Health Benefits, 1999–20
WORKFORCE HEALTH MANAGEMENT
When it comes to containing or reducing health benefit costs, as in most areas of human endeavor, the simplest strategies are often the most effective.
The good news is that as long as participation is measured and incentives are structured to reward participation, the new rules provide a lot of freedom. Here are a few more well-known wellness program observations:
- It takes three to five years to realize the economic benefits of a wellness program
- Once in place and effective, wellness programs return $4 for every dollar spent
- Truly effective programs create and sustain a culture of wellness
- Senior management must walk the talk on wellness and lead by example
At Beneflex, we have proven the effectiveness of a wellness program is critically dependent upon a long-term, integrated approach with accountability being shared from the top to the bottom of your organization. We have also learned the most significant cost control results are achieved when self-funding is coupled with an effective wellness program.