In times like this it pays to be flexible and your benefit plan should be no different. We are fielding a lot of calls from clients worried about the future and unsure of what to do with their expenses.
If you're looking to squeeze out a little razor thin sliver of silver lining in a time like this, it's that you have the opportunity to review costs and make critical decisions.
We often get calls in our office because the price of someones benefit plan went up. We NEVER get a call when someone's price is going down. However, this is a tremendous opportunity for you to add value to your plan and cut your costs. Rarely do you see price decreases but when we do they're never because the insurer was just feeling charitable. Actually, its typically because your staff are using around 50% or less of what you are being billed and they have been for an extended period of time.
It often makes sense at this point to review your usage report. The objective of this review is to find underused areas of your benefit plan and see if you can better utilize those dollars. In a lot of cases, you could take something like paramedical coverage (massage, physio, chiro etc.), strip it off the plan and replace it with a health care spending account.
A health care spending account is simply a side a account that the company funds directly for the employee to use for all or specific health care related expenses. The account is given a maximum and when employees hit that maximum they are done for that plan year and the account resets the next plan year.
The major difference here is that if the employees under utilize this account, you get that money back at the end of the year instead of it going to the insurance company profit. Your employees will love the flexibility of the account and you can be happy knowing your spending your benefit dollars as wisely as possible.
The process couldn't be easier, the accounts are all managed by a third party and the only information required from you is a list of the employees you're looking to cover and the bank account you'll be making withdrawals from.
So if you would like a free report to see if there are any benefits your staff are under utilizing, feel free to reach out to us directly.