Designing an effective employee benefits plan is a balancing act — the plan you implement must support your business objectives and meet your employees’ needs.A defined benefits approach has been the traditional choice for many years.
With health care costs continuing to rise and the evolving requirements of the Affordable Care Act, many employers are taking another look at their defined benefits plans and implementing an outcome-based contribution strategy that ties individual employee’s contributions to their health status. As a result, employees in better health, pay less for their medical benefits.
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Still other employers, both large and small, have moved to a defined contribution strategy with access to a private exchange. They’ve integrated wellness programs and incentives that move their employees toward full responsibility for their health and for the
costs of health care. And they are supporting these integrated employee benefits solutions with comprehensive communications programs to inform, educate and engage their employees. The results they are seeing include:
Whether defined benefits or defined contribution is the right choice for you and your employees, a HUB advisor can work with you to identify your opportunities to get more out of your employee benefits plan. You’ll review the spectrum of contribution strategies that are available to you, we’ll help you get a sense
of your readiness for change, and we’ll begin to map out your long-term employee benefits strategy.
Contact your HUB advisor today.