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IT'S THE NAME OF THE GAME
Benefits Planning
It's never too early to begin planning how health insurance benefit plans
will be designed and paid for, and what role you, as an employer, will continue
to play in the process.
A culture of entitlement exists when it comes to health benefits, and it is
safe to assume that costs will continue to rise. Expect increases that average
about 15 percent but may go as high as 50 percent. Maintaining the status quo
will not do. There needs to be a synergy between employer-sponsored plans and an
employee-pay-all philosophy.
The key to finding a palatable medium between cost and benefits is early
planning. There are several things you, as the employer, can do to facilitate
this process.
Examine your company's status.
Look at your bottom line, projected profitability and a projected health
benefits budget. Know what you have previously spent and have to spend versus
your projected cost. This will provide a better target goal for what you can
offer your employees.
Conduct a mid-year assessment.
Measure your health benefits budget against your usage. Capturing your usage
mid-year paints a clearer picture of what your cost might be if you stick with
an existing plan and/or carrier.
Partner with your existing carrier.
Ask it to provide possible solutions as you begin to plan for your next
benefits cycle. Because you already have a relationship, it will be willing and
able to help you design a customized plan.
Research the marketplace.
While many things — such as consumer driven health plans, flexible spending
accounts (FSAs) and health savings accounts (HSAs) — can help reduce costs,
there is no silver bullet. Rates are competitive, so employers should exercise
due diligence to come up with a strategy that works.
Explore a wide variety of offerings.
There are many plans you can buy into to fit your needs and pocketbook. The
more choices employees have, the more customized health benefits can be. A
single employee does not need the same type of coverage as a family. A healthy
employee may find peace of mind with hospital-only or supplemental coverage.
Some prefer higher premiums and lower or no co-payments. Others would trade a
higher co-payment for a lower monthly premium. Kids-only plans are available
with some carriers.
Welcome FSAs and HSAs.
Each has its shortcomings; it can be difficult to estimate how much to set
aside for health care. And while these spending accounts are gaining in
popularity, they are not perfect. An upside of the FSA is portability. The
downside is that unused money cannot roll over. The HSA has a rollover, but it
is not portable.
Educate your employees.
Continued on Page 2
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Under its "rat on a rat" program, the Washington State Bankers Association pays $1,000 for information leading to the arrest and indictment of a bank robber. Bank employees and law-enforcement officials are ineligible.
