Most group benefit specialists take one of two approaches when helping you make renewal decisions. They provide “WTMI” (way too much information) on employee benefits, which overwhelms clients and gets in the way of good decision-making. Conversely, they oversimplify a solution, which often does not address the root cause of a problem, and can dampen long-term changes that are needed.
Selectpath takes a refreshing approach to Group benefits. The Right Path® Approach offers you five simple choices:
Terminate the Plan
When the cost to administer the benefits plan is greater than the value your employees perceive, you might want to consider terminating the plan and finding alternatives.
Share the Cost
The cost of group health and dental plans is simple; it’s the amount of claims plus administration. If your claims are rising, you may want to insulate the company from rising costs by sharing the costs with benefit plan members.
Change the Plan
When the cost to administer the plan is greater than the value your employees perceive, you might want to consider changing the benefits plan to reflect the joint goals of the company and the employees.
Run Away From the Problem
You can run away from your plan and engage a new company for a lower premium this year, but next year, look out. Running away only delays the inevitable: dealing with rising premiums.
Change the Model
It can be painful to change plan design and cost sharing, but you can control administration fees which only impacts the insurer, not you.