Value of coverage should be a primary consideration for all business owners. After all, a typical benefits plan in Canada can cost over $3,000 per employee, per year!
The secret to understanding benefit costs is actually quite simple: the primary driver of benefit plan costs is how the plan is used.
This is why cost containment needs to be “baked into” benefits plans. This ensures that businesses avoid the all-too-common cost roller coaster of poorly designed plans. Here are three practical ways that GroupHEALTH helps businesses contain employee benefit plan costs:
Health Spending Accounts
These popular accounts allow small business owners to set a per employee maximum while letting employees decide how their benefit dollars are spent.
SmartRx Prescription Drug Coverage
Prescription drug coverage is one of the most expensive portions of traditional benefit plans. GroupHEALTH’s SmartRx options allow business owners to tailor the design of their drug coverage to encourage employees to use lower cost (but equally effective) alternatives.
Disability Coverage with DMI Assist
Not only is the absence of an employee a cost problem for a business, but a disability claim can drive benefit plan costs up. Services like GroupHEALTH’s built-in DMI Assist help businesses manage potentially costly disability claims and focus efforts on returning employees to work quickly and safely.