Addressing Challenges in Offering Employee Benefits
Posted on: January 20, 2020 by iSure
As the landscape of employee benefits changes, employers are faced with new challenges. How can employers address these employee benefits challenges while still offering appealing, comprehensive programs to their employees? Allow an agent to assist you with your employee benefits solutions. Here are the main employee benefits challenges and strategies for dealing with these issues.
Increasing Costs of Benefits
Shift your company’s contribution strategy to a defined contribution. Allow employees to select their benefits with employer-provided (often tax-free) dollars. From health care to retirement (and everything in between) this approach can offer rich employee benefits while saving you and employees time and money.
Changes in Benefits Offerings
Employers continue to reduce employee benefits costs by implementing consumer-driven plans or self-insuring, as well as launching health savings accounts, enhancing wellness programs, and increasing voluntary benefit offerings.
Health insurance is the most important benefit for employees, followed far behind by consumer-driven health care. There are many approaches to deal with benefit changes and reductions. Ultimately, employee education is key. Communicate with employees why and how the company has decided to offer benefits, reinforcing employees’ value to the company.
Working with Brokers
Employers largely use brokers or agents, though employers are feeling the pressure of PPACA (Patient Protection and Affordable Care Act).
Many employers claim the PPACA has made them rethink employee benefits offerings and considered moving employees to the public exchanges. Consult with your broker about the exchanges. They can be one of your best resources for information on PPACA and on benefits offering information and options.
Dealing with PPACA
Employers continue to struggle with how PPACA impacts their business and employee benefits. For smaller employers (those with fewer than 50 full-time equivalent employees), it may be a helpful reminder that many of the health insurance and reporting requirements do not apply. Work with an agent to fully understand your company’s health insurance requirements – and opportunities – under PPACA and employee benefits solutions.
As costs increase, benefits change, and employers feel pressure from new health reform regulations, there are many strategies available to deal with these challenges through employee benefits solutions. For instance, employers can make the shift to consumerized employee benefits to deal with cost increases and can minimize the impact of change by clearly communicating with employees and brokers about benefit changes. Planning today for a secure tomorrow with stronger employee benefits solutions can truly make all the difference.
About iSure Insurance Brokers
After serving leaders in the Greater Miami market for more than three decades, iSure Insurance Brokers has become the provider of choice for discerning commercial clients and individuals alike. Because no two insurance programs are or should be alike, you can be sure that iSure will craft a comprehensive approach to protection that is as unique as you are. We welcome the opportunity to protect what you have worked so hard to build. Please contact us at (305) 223-2533 to learn more about what we can offer you.