Reduce Employee Benefit Cost With Optimum Benefit Plan Design

The cost of an employee benefit plan can be expensive and increase every year, unless you manage the cost drivers. For three decades the cost of health care has increases more than wages and inflation. These increases can be attributed to improvements in products and services, higher expectation of care, an ageing workforce and extra-billing.

Some employers view employee benefits as an expense. They focus on shopping around for the lowest price, at the risk losing great employees, wasting money and not achieving their organizational goals. By being "penny wise and pound foolish" they fall into The Benefit Shopping Trap™.

A more enlightened approach is to manage the various cost components of your benefit plan and design your employee benefit plan with a long-term perspective. By balancing the risk of claims, securing the ideal quality of coverage and effectively managing suppliers your cost will stabilize.

Pie chart illustrating the process of optimizing benefit plan design that supports benefit strategies based on risk sharing, supplier management and quality coverage

The Benefit Optimization Process™ provides more information on minimizing your benefit cost both now and in the future.