Employee Benefits: Essential But Unruly
Employers and employees both know the critical role that the workplace
plays in offering a better quality of life through a robust benefits package.
What employees may not know, however, is how to capitalize on benefit
offerings, or how to select the right benefit options for themselves or
their families. And employers may not know how to properly analyze claims
made on benefit plans, how to interpret data to adjust their benefits
offerings to deliver more of what employees want, or when to develop
wellness programs to prevent excessive medical expenses for conditions
caused in part by unhealthy lifestyles.
To help workers better grasp and employ benefits knowledge beyond
orientation and yearly renewal periods, employers need an online collection
of benefits and wellness materials that serves as a real-time solution
generator for employee benefits questions.
Data collected and housed in a central
online program will allow employers to refine popular offerings, pinpoint
underutilized benefits and analyze employee insurance claims—all of which
adds value your benefit package.
Besides data storage and sorting functions, employers need a central hub
for educational materials that explain the complex world of health
insurance to their employees, alleviating the burden of providing in-depth
Employers need a central hub for educational materials that explain the complex world of health insurance to their employees.
Providing a benefits suite can be a dynamic asset for your company that
bolsters your bottom line in two critical ways: by acting as a magnet for
attracting and retaining top talent, and by keeping your employees and
their dependents healthy and free from expensive claims.
Sophisticated benefits analysis tools give workers a chance to research
various benefits options and discuss their elections for the coming year with their
To recoup the costs of offering benefits and to achieve gains in
productivity, morale, and talent acquisition and retention, it is critical
to highlight the value of your company’s benefit package. Having a proper
platform in place to disseminate information is crucial. An ideal platform
should include support in the form of:
- Notifications that send out alerts prior to important benefits deadlines
- Multiple education resources that explain differences between health plan
options, medical savings accounts and retirement information, customized to
the needs and ages of a diverse workforce
- A plan selector tool that uses personalized lifestyle data to help
employees decide what benefit options are best
- A tracking calendar that enables users to stay informed about important
deadlines pertaining to medical savings accounts
- Comprehensive plan information for health insurance companies or network
- A direct line of communication with the HR department
The cost of health care is rising at an unsustainable rate, placing a
significant burden on employers. With new health care reform rules, some
employers may be tempted to drop coverage and accept a penalty instead, but
should also consider the employee satisfaction implications.
Instead of potentially overreacting by dropping benefits altogether,
employers can choose to manage costs through claims analysis. While health
claims data analysis has long been an option, getting good data can often
be challenging. To get full value out of claims analysis as quickly as
possible, employers need a tool that is extensive and illuminating, and
includes certain features, such as:
- Outlining rules and calculating model or projected budgets for various
types of health and retirement plans and medical savings accounts
- Using health and prescription claims data to uncover high-cost problem
- Benchmarking costs and claims against national data
- Illuminating cost drivers for targeted wellness initiatives
- Showing the impact of plan design changes
- Surveying your employee population to determine their priorities
- Gauging what employees value from underused offerings
Discover these features and more with ABM Insurance & Benefits, your full service employee benefits provider for all of Texas.
Warehouse, industry-leading client portals complete with customizable,
comprehensive benefits solutions. For more information, contact ABM
Insurance & Benefit Services today at 281-448-3040.