Reduce Your Benefits Costs Without Skimping on Options
The average cost of employer-based family coverage rose 5 percent last year to $19,616, and the cost of individual care premiums rose 3 percent, to $6,896. Those numbers will continue to climb by another 5 percent in 2019, according to the National Business Group on Health, outpacing inflation.
Here are some ways you can manage costs without sacrificing the benefits you offer.
1. Reduce the costs of care
- Lower pharmacy costs: You can curb the cost of specialty drugs with a health plan that encourages the use of use of biosimilar drugs, which are cheaper versions of complex medications, You also can change your coverage to steer care to doctors’ offices or in-home care instead of rather than hospitals.
- Value-based delivery models: In the value-based health-care model, providers are paid based on overall health outcomes. That can reduce the costs associated with treating chronic diseases.
- Self-funding. If you are facing big rate increases in your health-care benefits, it might be time to talk to us about self-funding. With this model, you, the employer, assumes the risks for health-care costs instead of going through a health-care provider.
2. Focus on prevention
One way to reduce the cost of a doctor visit or hospital stay is to prevent it in the first place. You can help accomplish this by enhancing overall employee health and well-being by offering integrated, holistic wellness programs and lifestyle benefits like these:
- Customized wellness programs, like those we offer
- Proactive mental health benefits
- Financial well-being programs
- On-site “self-care” amenities
- Workplace ergonomics programs
Besides reducing costs at the doctor’s office, such programs have been shown to boost overall productivity and quality of work as well as the bottom line. Access to direct primary care and telemedicine are other innovative and money-saving ways you can make it easy for your employees to stay healthy and productive.
3. Offer customized and flexible benefits programs
You can save money and create a more attractive and useful benefits program with customized benefit solutions to meet the needs of your individual employees. Personalized enrollment options allow employees to choose the benefits that suit their needs rather than paying for some benefits that don’t fit their lifestyle or life stage. This saves costs over trying to devise a “one-size-fits-all” benefits package that will appeal to all employees in a diverse multi-generational workforce. Here are some ideas to consider:
- Offer voluntary benefits.
- Combine the option of high-deductible plans (which encourage healthy behavior!) with Health Savings Accounts.
- Use predictive technology to tailor benefits packages to the individual.
4. Use your data
We’re living in the age of Big Data. Industries from entertainment to higher education and from politics to warehouse logistics are leveraging detailed aggregated data to make smarter decisions about where to invest capital. We can help you use employee claims data and survey feedback to tailor your benefits program to your employees’ needs.
Superior Benefits has helped companies such as Merry Maids and Barbizon contain costs while increasing the quality of benefits through custom-tailored, innovative solutions. We are passionate about lowering costs while helping your employees live healthier, more productive lives. We offer wellness partnerships with no extra fees and creative-out-of-the box funding solutions to reap huge savings.
Tampa Bay Emerging Leaders raised $16,000 for the Florida Sherriffs Youth Ranch providing neglected children with a stable home. Kids are cared for by “Cottage parents” who help the children develop a strong work ethic, sense of responsibility and respect.
Who We Are
We are a National Employee Benefits Consulting firm because we go beyond the expected. Minimizing your business healthcare budget while maximizing your benefits is our top priority.
3705 West Swann Avenue
Tampa, FL 33609
2423 South Orange Ave,
Orlando, FL 32806
110 E Broward Blvd
Fort Lauderdale, FL 33301