Running a small business requires hard work, patience and – of course – money. You want to make sure that all of your costs make sense, but there are some expenses – like your employee benefits plan – where the cost structure might seem too complex to find savings.
But it doesn’t have to be! Here are three ways for you to not only save money with an employee benefits plan, but get more out of it.
1. Is your broker proactive?
Your broker or employee benefits provider should be helping you manage your plan throughout the year, not just at renewal time. A proactive outreach program ensures that you have a sense of what’s going on in your plan, that you have the information you need to manage it well, and that someone is watching out for your interest.
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 plans have embedded cost-containment features?
TPreventing increases in your benefit costs is better than trying to contain them after they’ve climbed too high. Prescription drugs and disability coverage in particular are areas where cost-containment tools are vital to saving you money in the long run.
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 skyrocketing drug expenses?
For some employers, self-insuring the health and dental components of their employee benefits plans (known as “ASO”) makes more sense than a fully-insured strategy. But drug claims introduce instability into an ASO plan, and can quickly drive costs very high.
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.