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Tips for Managing Benefit Costs

Selerix Leadership

August 8, 2023

Employers know that employee benefits are an important part of their overall compensation package. But with the rising cost of healthcare and other benefits, it can be difficult to keep costs under control.

Here are some tips on how to manage benefit costs:

  1. Review your benefit plan design. Take a close look at your current benefit plan design and see if there are any areas where you can make changes to reduce costs. For example, you may be able to save money by switching to a high-deductible health plan or by offering a wider range of health savings account options.
  2. Analyze employee use of benefits. Are your employees taking full advantage of the benefits that you offer? If not, you may be able to save money by offering more affordable options or by making it easier for employees to use their benefits.
  3. Negotiate with carriers. Once you have reviewed your benefit plans and analyzed employee benefits usage, you should negotiate with your carriers. This is a good opportunity to review your premiums and see if there is any room for negotiation. If you work with a third-party insurance broker, your broker can help with this step as well.
  4. Outsourcing, or reconsidering benefit administration services. If you don’t have the time or resources to manage your benefits in-house, you may want to consider outsourcing your benefit administration to a third-party provider. This can help you save money on administrative costs and free up your HR team to focus on other priorities. If you are already outsourcing your ben admin, take a look at other providers to ensure that you’re receiving the best services and value.
  5. Educate employees about their benefits. Make sure that your employees understand the benefits that you offer and how they can use them. This will help them make informed decisions about their benefits and help you reduce the number of claims.
  6. Stay up-to-date on benefit changes. The healthcare landscape is constantly changing, so it’s important to stay up-to-date on the latest changes to your benefits. This will help you make sure that you’re offering the best possible benefits to your employees and that you’re in compliance with all applicable laws.

By following these tips, you can manage benefit costs and ensure that your employees have access to the benefits they need.

Benefits Administration Services

Of course for Selerix, tip #4 is at the core of what we do, and we believe that we offer the best benefits administration services. Whether or not you choose Selerix, it’s important to take a look at the entirety of the value you receive from a ben admin provider.

When choosing a benefit administration services provider, be sure to compare their services and fees. What does the provider offer? Just ben admin?  Any other services? ACA? Employee engagement? You should also make sure that the provider is experienced in working with businesses of your size and industry.

By working with the right ben admin services provider, you can save time and money on managing your benefits. You can also be confident that your employees are getting the benefits they need.

Conclusion

Managing benefit costs can be a challenge, but it’s important to do so in order to stay competitive and attract and retain top talent. By following the tips in this blog post, you can manage your benefit costs and ensure that your employees have access to the benefits they need.

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