Strategic Benefits Planning
Let’s create a benefits strategy to help you maintain compliance, manage costs and take care of your employees.
Achieve your goals for your most important budget item
Your employee benefits plan is one of your organization’s top expenses. It requires careful planning and a long-term perspective. But here’s the catch: the landscape keeps changing, and that makes it difficult to see far enough into the future to be certain about what to do next.
You can achieve your goals. When you collaborate with us, we start by gaining a deep understanding of your priorities. Then, we work together to create a forward-thinking strategy that is scoped, scaled and tailored to meet your unique needs. The result is a plan that’s built to adapt and evolve with changes in regulations and within your workforce, and designed to help you:
- Manage costs
- Ensure regulatory compliance
- Enhance employee engagement
- Increase job satisfaction
See more about the benefits of working with a partner who understands your business and company culture, and can add real value to your long-term planning:
Contact a HUB advisor to get started.
The Tools you Need
We don’t just bring deep expertise to the strategic benefits planning process — we’ll bring all the tools you need, including:
- Plan performance evaluation
- Healthcare analytics
- Funding and contribution analysis
- Pharmacy and medical cost analysis
- Benchmarking surveys
- Human capital consulting
- Benefits communication
- Multinational benefits advice
Contact a HUB advisor to get started.
What will drive your benefits strategy?
Read our Employee Benefits Barometer 2018: Why Employers Must Take a Long-Term View
Evolve your funding strategies
With a self-funding strategy, you eliminate the insurance carrier. And that can bring real cost advantages. You’ll be able to:
- Improve cash flow by paying claims only when incurred
- Avoid excessive insurance company risk charges
- Avoid insurance company reserves
- Avoid most taxes on premiums
A self-funded plan also gives you greater flexibility. You’ll have full access to data that enables you to gain insights into plan utilization and performance that you can’t get with a fully-insured plan. You’ll see where to make adjustments for continuous plan improvement throughout your multi-year strategy. And because self-funded plans are exempt from state insurance mandates, you’ll be able to tailor your employee benefits more precisely to meet employee needs while still meeting business objectives.
CDHPs feature a high deductible and are often supported by Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs) and/or a Health Flexible Spending Accounts (FSAs). Your employees can use the tax-exempt savings in these accounts to help cover deductibles, co-insurance and qualified health care expenses, or they can re-invest their savings for future medical costs. Your employees’ voluntary benefits can also be designed to help employees with deductibles.
