Visiting for the first time with the owner of a business, I learned she wasn’t happy with the big checks being written to their health insurer. And, that her employees weren’t real happy with the higher deductibles of their coverage.
That’s too bad. You’d like to think spending $200,000 would produce a better result.
The thing is, the coverage is actually quite good. And, net of a pretty standard premium sharing arrangement, the employer’s annualized cost per employee is $5,800; about 55% of average.
The employer was expecting me to produce a spreadsheet showing lots of ways to save money. While it is often possible to expand benefits without increasing costs to the employer or employees, ultimately, satisfaction with a benefits package is dependent on how well it is understood. For this group, it had literally been years since anyone explained to the
employees the ins and outs of their health, dental, vision and other in force plans.
Want to get more bang for your benefits buck? Conduct regular meetings. Some brokers are pretty good at that!