Avoid overpaying for insufficient coverage in your benefits package
Operating a business requires dedication, perseverance, and, naturally, financial resources. Ensuring that all expenses are justified is crucial; yet certain costs, such as your employee health benefits plan, may be challenging to understand if you are overpaying.
GroupHEALTH can help break down this challenge. Here are three strategies to not only save money with your employee benefits plan but also enhance its value.
1. Does your broker take a proactive approach?
Your broker or employee benefits provider should support you in reviewing your plan consistently throughout the year, not solely during renewal periods. A proactive approach guarantees you stay informed about your plan’s status, equipped with the necessary information for effective management, and assured that your interests are being watched out for.
Tip! GroupHEALTH’s proactive plan management ensures you hear from your benefits provider throughout the year, even if it’s just to make sure that everything is going OK.
2. Does your benefit plan have built-in cost-containment measures?
It’s more effective to prevent rises in benefit expenses rather than attempting to constrain them after they’ve skyrocketed. Prescription drugs and disability coverage are domains where cost-containment tools are needed for long-term savings.
Tip! GroupHEALTH uses well-designed drug plans and central dispensing pharmacies to help control your drug costs, our built-in disability management services help keep disability costs stable.
3. Is your ASO plan protected from increasing drug expenses?
For certain employers, opting for self-insurance for health and dental aspects of their employee benefits plans (known as Administrative Services Only or “ASO”) can be more advantageous than a fully insured approach. However, drug claims introduce volatility into an ASO plan and can rapidly escalate costs significantly.
Tip! GroupHEALTH’s unique “hybrid ASO” solution allows employers to self-insure the most stable parts of their health and dental coverage, while insuring the higher-risk prescription drug components.
GET BETTER BENEFITS
At GroupHEALTH, we recognize the importance of providing Canadian businesses with a comprehensive benefits plan tailored to their needs. We empower businesses of all sizes to navigate their benefits landscape effectively, ensuring they’re not locked in a plan that doesn’t align with their goals. Let us review your current benefits plan and explore your options – all at no cost to you.
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