Source: United Benefit Advisors
Posted By: Bill Olson
United Benefit Advisors (UBA) released today an employee benefit advisor evaluation tool kit to provide human resource professionals and business owners the valuable information they need to understand how strategic benefits planning can help achieve optimum value and long-term cost management, especially in the face of the Patient Protection and Affordable Care Act (healthcare reform).
Included in the advisor evaluation kit are a white paper, FAQs, a glossary of terms, and eight questions to ask before hiring a benefits advisor.
As a result of rising health care costs coupled with a challenging economic environment, many employers, focused heavily on cost, put their health plans out to bid each year, a practice UBA Partners say can be time-consuming and costly. Additionally, many health insurance buyers do not understand that cost is just one aspect of a comprehensive strategic approach to offering employees the right benefits for the best overall value. “Employers are often surprised to learn that the lowest premium can actually result in the highest overall cost, as was demonstrated by the UBA 2012 Health Plan Survey,” says Thomas Mangan, CEO of UBA.
Three factors to consider, in addition to cost, include: maintaining compliance with ever-evolving employment laws and regulations (PPACA), employee communication and total cost of risk (COR), including:
• Losses below a set deductible
• Losses with a self-insured retention
• Losses in excess of policy limits
• Lost productivity
• The program’s administrative costs, including claims/loss control
• Retraining expenses
“Creating a competitive benefit plan can directly affect employee acquisition, retention, productivity and training, all of which significantly impact employer costs,” Mangan continues. “UBA Partner clients have experienced an average of 5.2% savings on medical plan renewal costs each year. We aim to provide employers the resources they need to choose the right advisor, one who will help them improve their business, manage health care costs and stay on top of current compliance regulations.”