In these difficult economic time I am often asked how can I maintain benefits and reduce costs. While there is no easy answer, there are some way in which an employer may approach these issues. The following are some highlighted ideas to consider.- Create a fixed budget for benefits within the scope of the companies ability to maintain costs. Develop a multiple plan offering for benefits; ie., HMO, PPO, HSA etc. from which employees can choose a plan which will best meet theirs and their family needs considering personal budget for benefits. Offer a Sec. 125 employee tax savings plan to help reduce the cost which are paid by the employee.
- Offer ancillary benefits which the employee can choose from and as above pay with tax benefited dollars on a voluntary basis. This may include; life insurance, dental insurance, supplemental accident policies, disability and long term care policies.
- Utilize an HRA self funded program with fixed risks to company expenses for claims and benefits, and combine with the above suggestions.
- Consider a combination HRA and HSA plan.
- Offer an HSA plan where some of the savings is funded by the company from premium savings.
- Initiate health and welfare programs for physical fitness, weight loss, smoking, diabetes and other programs. It has been proven that these programs provide for healthier employees, better work attendance, more productivity on the job, lower ultimate health cost and absenteeism.
We are available to consult with you about these and other programs which will benefit employees and employers.
800-334-7875
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