3 Building Blocks to a Progressive Benefits Plan
As an employer, your employee benefits plan is important to you – but it’s also important to your employees. For your employees, your benefits plan may very well have been a key consideration in their decision to work for your company. It’s probably still a key consideration as to whether they continue to work for you or go find work elsewhere.
So, what kind of employee benefits plan can influence prospective employees to join your company, or help keep current employees working for your company? The answer is simple: a progressive employee benefits plan. In essence, it means supercharging your employee benefits plan so that you get the most return on your investment. It doesn’t necessarily mean that you must spend a lot more, but it may mean adjusting the building blocks of your plan. Three of the most important building blocks are:
1. A Progressive Provider
The first and most important building block of a progressive employee benefits plan is to choose a progressive provider. At GroupHEALTH, we like to think our commitment to a different, better employee benefits experience is one of the things that makes us a progressive employee benefits provider.
The foundation of our approach is to create a long-term relationship with employers. Whether it’s your first employee benefits plan or you’re moving providers, we take the time to do a thorough analysis to identify the goals for the plan, any pain points in the current plan and how the plan can change as your company changes. We’re focused on creating competitive, cost-sustainable plans that are delivered in a way that elevates the employee benefits experience for you and your employees. The status quo is not good enough for us.
A progressive plan must leverage technology. Technology is meant to improve processes and increase efficiencies. When it comes to employee benefits, there are a number of ways that technology should be incorporated into the plan experience.
For plan members, mobile technology is a must. A user-friendly mobile app can have a positive impact on how plan members interact and utilize the plan. Progressive technology means plan members should be able to use their mobile phone or tablet to enroll in the plan, make claims, find info and get support. Essentially, their benefit plan should go where they go.
The other technology that is essential in a progressive employee benefits plan is virtual healthcare. Virtual healthcare means utilizing a phone, tablet or computer to connect with healthcare professionals like doctors or nurse practitioners. GroupHEALTH offers virtual healthcare through Akira. Akira’s services are available 24/7, from anywhere in the world. They can provide a number of primary care services, including: diagnosing medical conditions, writing prescriptions, making referrals, ordering lab work and much more. Akira has been known to resolve more than half of the issues that are typically addressed in a doctor’s office. It’s the ultimate inconvenience.
Technology for the plan administrator is also important to take an employee benefits plan to the next level. At GroupHEALTH, we provide your plan administrator with an easy-to-use online platform called WEBS Online. WEBS Online allows your plan administrator to easily manage and maintain employee information as it relates to benefits. The plan administrator has the ability to automate key duties and day-to-day tasks, to save time and money. They can also break down plan costs and usage in ways that make sense for your company. These types of technology are important if you’re looking to build a progressive employee benefits plan.
3. Cost Containment
Cost containment built into the plan is another factor that will completely change the benefits experience for your company. More often than not, plans that are struggling with soaring costs are suffering from poor plan management. Renewal time becomes a painful and expensive yearly ordeal, and the sustainability of the plan is a constant worry. Band-aid solutions to try to contain costs are simply not as effective as building cost containment into a plan early on. That’s why a progressive employee benefits plan incorporates cost containment as a building block – right from the start.
At GroupHEALTH, we do this by targeting the biggest cost drivers for employee benefit plans and managing them on an ongoing basis. Renewal time is less painful, focusing on optimizing a plan that has been reviewed and managed on an ongoing basis.
Disability management is just one cost-containment mechanism we use. We include disability management services with all our long-term disability plans to help support you and your ill or injured employees through a disability event. These services reduce disability claim costs by helping ill or injured employees get back to work as soon as they’re able. Not only do they help contain costs, but ill or injured employees also have the support that improves their experience with the benefits plan.
Another cost containment mechanism we use is our Smart Rx prescription drug plans. There are a number of options that help contain costs while still supporting employees with the prescription drugs they need. Smart Rx plans use managed drug formularies and/or central dispensing pharmacies to trim costs and protect the long-term sustainability of the plan.
These types of cost containment mechanisms should be part of the discussion as the plan is being built. They really are building blocks to a progressive plan. It’s time to try something different and take a new approach to your employee benefits plan costs.
Good Advice is Key
Are you interested in building a progressive employee benefits plan? Do you want a plan that will help you attract and win new talent and retain the employees you already have? Review your options with one of our licensed advisors on the phone, or contact us for a comparison quote.